Abu Dhabi, Mar 28 (PTI) The UAE has enormous investment surplus while India has a huge market, and is an attractive destination, Commerce and Industry Minister Piyush Goyal said on Monday.

He said that both the countries have expertise, and can work together in areas such as sustainability, space technology, connectivity, artificial intelligence, emerging technologies and data analytics.

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"The UAE has a huge investment surplus in terms of investments ability, and India has a huge market which makes that an attractive destination, and therefore, we are not in competition with each other; rather, we complement each other. We are natural partners," Goyal said at the India-UAE Startup Forum 2022 here.

He said that the government acts only as a facilitator for startups, and it will help further strengthen the ecosystem.

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"Today we are the third largest startup ecosystem, but our aspiration is to be the world's number one startup destination. The startup bug has caught India's imagination. The entire innovation ecosystem that the startup industry represents is giving a new direction, new momentum to India," he said.

India offers one of the best ecosystems for startups with a special 'jugalbandi' or blend between investors and entrepreneurs to get a balanced outcome and achieve a win-win solution for all, the minister said.

"I have seen tremendous response from the Dubai Expo where our startups have got the opportunity to raise finances, sign MoUs (Memorandum of Understandings) and get angel investments," he added.

About 700 startups have showcased their innovation at Expo2020 Dubai.

The minister also urged the startups to take their story to remote places, villages, small towns, northeastern India and other regions as well.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)