UAE, India and Israel's trilateral trade could reach USD 110 billion by 2030: Top diplomats

Dubai, Apr 05: The trilateral trade between India, Israel and the UAE can propel to a high of USD 110 billion by 2030 by tapping into their mutual strengths, top diplomats and members of the business community have said.

The comments were made at an event organised by the International Federation of Indo-Israel Chambers of Commerce (IFIICC) on Sunday to discuss the ongoing business collaborations being pursued through IFIICC's leadership across sectors.

"The international business potential backed by Israeli innovation, UAE's visionary leadership and strategic partnership of both nations with India could be USD 110 billion by 2030," Ambassador Ilan Sztulman Starosta, Head of the Israeli mission in Dubai, said in a press release issued by IFIICC.

Echoing similar sentiments, Ambassador of the UAE to India and Founding Patron of IFIICC, Dr Ahmed Abdul Rahman AlBanna, said, "UAE and India's bilateral trade is projected to grow from USD 60 billion in 2020 to USD 100 billion by 2030. UAE is a gateway to the world and this trilateral with India and Israel could benefit the world."

Dr Aman Puri, Consul General of India to Dubai, said, "The Indian business community in the UAE could significantly leverage the strengths of this trilateral to boost economic growth of all nations." The post-Abraham accords phase normalising Israel's ties with the United Arab Emirates, and Bahrain has generated a lot of interest in this trilateral partnership with several events organised by various organisations, including leading banks.

Ran Tuttnauer, Honorary President of IFIICC in Israel and Chairman of Israeli Manufacturers Council at Manufacturers Association of Israel (MAI) participated in the event virtually from Tel Aviv. Tuttnauer stressed that "international business through the UAE in collaboration with India using Israeli Innovation will be the future".

IFIICC was launched on December 14 last year and is looking to set up offices globally, drawing the support of the Indian diaspora, the largest in the world. "Innovation and collaboration can help usher in a new, post-pandemic era of sustainable economic growth," Merzi Sodawaterwala, Founder and Chairperson of IFIICC, said.

Kamal Vachani, Honorary President of IFIICC for the UAE and Group Director & Partner of Al Maya Group, noted that "the innovation and economic prospects of this trilateral are endless". The European business school (ESCP) in a seminar organised recently also highlighted the global potential of trilateral ties between Israel, the UAE and India.

The seminar held last month was organised in cooperation with Mumbai-based SP Jain Institute of Management and Research (SPJIMR). Established in 1819, the ESCP Business School (Ecole Superieure de Commerce de Paris) is considered to be the world's first business school.