New Delhi, Jan 27 (IANS): President Pranab Mukherjee has said that well-balanced bilateral trade turnover between India and United Arab Emirates (UAE) has been impressive as he invited UAE's business houses to participate in India's flagship programmes like Make in India, Digital India and Smart Cities.

"The UAE is amongst India's largest trade partners. The bilateral trade during 2015-16 was 49.729 billion dollars. We have agreed to increase the bilateral trade by 60 per cent by 2020," the President said while welcoming the Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan at Rashtrapati Bhavan on Wednesday.

The President said this state visit "is a reflection of the warm relations and intensifying co-operation between India and the UAE".

"With our shared vision, we are committed to take our partnership to the highest strategic level as we realise its true potential. This State visit provides an opportunity to further enhance co-operation between India and UAE," Mukherjee observed.

Subsequently, in his banquet speech, he said with India's plans for rapid growth in the infrastructure sector, liberalisation of foreign direct investment (FDI) and it being one of the fast growing economies in the world, India holds immense possibilities for investments.

Mukherjee also reiterated the urgent need for responsible nations to continue collective efforts against the forces of extremism, terrorism and intolerance "which attempt to weaken the very fabric of our societies".

He said it is in the interests of both countries to work for peace and stability in both west and south Asia.

"It is a matter of satisfaction that even as the two countries strengthen our ongoing engagement and co-operation, our governments are currently exploring new avenues to expand it. Joint defence production, space and renewable energy have been identified as priorities," he said.