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FINANCIAL NEWS
India, China to become GCC major trading partners
29 Jan 2015
(MENAFN) A new study conducted by Economist Intelligence Unit with Falcon and Associates said that India and China are rapidly becoming the biggest trading partners of the Gulf Cooperation Council’s (GCC) as compared to other regions like the Eurozone or the United States, Times of Oman reported.
The study indicated that GCC’s exports to India have grown at an annual rate of 43 percent over the last decade, the highest rate with any major trade partner, making up 11 per cent of the total GCC exports, while India became the third-largest investor in the UAE.
India is currently Dubai’s number one trading partner with a trade volume of USD37 billion in 2013, representing 10 percent of Dubai’s total foreign trade, which is attributed to the increase in the number of Indian companies registered in the Dubai Chamber of Commerce that rose by 41 percent between 2009 and 2012, with over 26.000 companies registering in the emirate till date, with expectations that the number will double by 2021.
“As a result of India’s renewed prosperity, there are lots of investors coming out of India and the opportunities in Dubai, combined with its strategic location, global connectivity and first class infrastructure, make it a natural destination,” the study said.
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