India's major import items from UAE include petroleum and petroleum products, precious metals, stones, gems, jewellery, minerals and chemicals
Prime Minister Narendra Modi on Monday held talks with Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed Bin Rashid Al Maktoum with a major focus on stepping up economic engagement in a range of sectors.
Modi talked about investment climate in India as both leaders deliberated on ways to further boost trade ties while emphasising on taking forward the the overall relationship.
Earlier, Modi arrived in Dubai from Abu Dhabi on the second leg of his UAE visit. Sheikh Mohammed, who is also the ruler of Dubai, accorded a warm welcome to Modi.
Modi had arrived in Abu Dhabi on Sunday on a two-day visit, the first by an Indian prime minister in 34 years.
Economic and commercial cooperation with the UAE is a key aspect of overall bilateral relationship. The traditionally close and friendly India-UAE bilateral relationship has evolved into a significant partnership in the economic and commercial sphere.
Indians have emerged as important investors within the UAE and India as an important export destination for the UAE manufactured goods. India-UAE trade, valued at $180 million per annum in the 1970s has gone up to around $60 billion.
India's major import items from UAE include petroleum and petroleum products, precious metals, stones, gems, jewellery, minerals and chemicals.
The two countries have been cooperating in the defence sector too.
Addressing a group of investors at the Masdar City near Abu Dhabi, Modi said India has an immediate investment opportunity of $1 trillion and that his government will take urgent steps to address concerns of the businessmen from UAE and erase "deficit of 34 years".
The prime minister said all major global institutions such as IMF, World Bank and Moody's agree that India is the world's fastest growing economy and it has huge development potential.