(MENAFN - Saudi Press Agency) India and the Middle East trade corridor is expected to grow by 34 per cent to become one of the world's fastest-growing by next year, UAE's Minister of Foreign Trade has said.
'The India-Middle East corridor is expected to grow by 34 per cent to emerge as one of the world's fastest-growing trade corridors by 2013,' said the Minister, Sheikha Lubna bint Khalid Al Qasimi.
'Given that, it is the second-most populous country in the world with an enormous consumer base of over 1.2 billion, India is definitely among our priority partners moving forward,' she said at the Third Arab-India Partnership Conference which got underway in Abu Dhabi on Tuesday.
The Press Trust of India (PTI) quoted India's Foreign Ministry officials as saying that trade between India and the Arab world increased from US 114 billion in 2008-09 to
US 144 billion in 2010-11.
The conference is being organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with India's Ministry of External Affairs, the Secretariat of Arab League and Abu Dhabi Chamber of Commerce and Industry.