Trade between India and the UAE is expected to touch $103.6 billion by 2025, financial services firm HSBC has said.
The country is currently ranked as one of the UAE's top 10 trade corridors, along with China, the US, and Japan.
At the HSBC Trade Connections UAE & India conference held here on Wednesday, the bank said that by 2013, the India-West Asia corridor is expected to grow by 34%, placing it among the fastest growing global trade corridors.
The forum focused on trade connections and business potential arising from bilateral relations between the UAE and India.
Speaking on the occasion, India's Consul General in Dubai, Sanjay Verma, said the forum brought together significant stakeholders, including a leading bank, key Indian professionals and leading entrepreneurs from the Indian community.
"India is amongst the fastest growing market trade corridors. By 2050, it is forecast to become the world's third largest economy. Hearing some of the great success stories, as well as the panel discussions, today's event has brought to life the impact and importance of that relationship between our two countries," said HSBC Bank Middle East (West Asia) Ltd's Chief Executive Officer in the UAE, Abdulfattah Sharaf.
"Trade has always been at the heart of what we do. It plays a central role in our global strategy. Through our unique global expertise and local knowledge, we believe we are best positioned to help companies leverage trade growth between emerging markets led by intra-Asia and South-to-South flows," said Sharaf.
"India is a key partner in the trade that we facilitate. We strongly value and support our relationship and the UAE's relationship with such a fast growing economy," he added.
"I look forward to this conference adding to this mutually beneficial trade partnership between India and the UAE," Verma said.
According to HSBC, India will be West Asia's largest trading partner this year, with trade expanding by 140% over the period. The growth will be both supply chain and commodity driven.
"We share a long history with India, dating back to October, 1853, when the Mercantile Bank of India, China and London was founded in Bombay. India is now the sixth largest contributor to group profits after Hong Kong, China, the UK, Brazil and Canada. Today, the HSBC Group employs over 35,000 people in India, of which over 6,000 contribute to our commercial bank," Nick Levitt, head of Commercial Banking, HSBC UAE, said.