India-UAE trade has increased phenomenally in the last half century and at $60 billion per annum currently, has made the Gulf nation India's third largest trading partner since the last couple of years, Petroleum Minister Dharmendra Pradhan said on Monday.
He was addressing prominent industry captains of UAE on the first day of his two-day official visit to this country, India's petroleum ministry said in a statement.
"India genuinely believes that there is potential to transform the buyer-seller relationship with UAE in energy into a genuine energy partnership," said Pradhan, who is accompanied by the CEOs of state-run companies like Indian Oil and BPCL.
Earlier, he inaugurated the Make in India pavilion at the annual investment meet being held at the Dubai World Trade Centre. "Inaugurated Make in India pavilion at Annual Investment Meet of Dubai with Deputy Minister of Economy of UAE," Pradhan tweeted.
He also visited the Jebel Ali Free Zone and met Indian investors there.
"Visited Jebel Ali Free Zone in Dubai & met the Authorities;it hosts 70000 Indians workers & 790 Indian companies," he said in another tweet.
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Pradhan's visit to the United Arab Emirates is a follow up of the February India visit of Abu Dhabi's Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and Energy Minister Suhail Mohammed Al Mazrouei.
Pradhan will meet Al Mazrouei, besides meeting the CEO of Abu Dhabi National Oil Company and the chairman of the Abu Dhabi Investment Authority. UAE contributes in a major way to India's energy security, being the sixth largest supplier of crude oil. India is the second largest destination for UAE's oil exports.