Global Textiles | Trade Analysis

India-UAE To Give Rise To Bilateral Trade

Published: February 20, 2023
Author: DIGITAL MEDIA EXECUTIVE

To strengthen economic connections and promote increasing bilateral trade and investment, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) has reached its first anniversary, and the two countries have opened the UAE chapter of their joint business chamber.

Following a virtual meeting between Prime Minister Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan, India and the United Arab Emirates (UAE) signed a CEPA on February 18 of last year in order to strengthen their trade relations.

The UAE India Business Council – UAE Chapter (UIBC-UC) was introduced on Saturday by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of the founding members of the organisation as well as the Indian Ambassador to the UAE, Sunjay Sudhir, and the Indian Consul General in Dubai, Aman Puri. UBIC-UC.

The two countries want to raise their bilateral commerce to $100 billion and bring 75 billion dollars’ worth of UAE investment to India. The UIBC-UC will be instrumental in assisting both governments in accomplishing these goals and realising the full potential of the UAE-India partnership.

The council brings together important partners and stakeholders from both countries and will act as a valuable source of policy guidance, encouraging creative collaboration between Emirati and Indian businesses. By leveraging the close ties between the two countries, it leverages the strong bond between them.

In his remarks on this occasion, Minister Zeyoudi emphasised that the founding of the UAE Chapter of the UAE India Business Council represents an important turning point in the development of the ties between the United Arab Emirates and India.

Additionally, he noted that the Council will be crucial in helping the two countries achieve their shared goal of boosting bilateral trade and investment. He expressed his optimism that it will spur creative cooperation between our two powerful nations.

“Today’s unveiling marks a key milestone in the strengthening of the friendship between the United Arab Emirates and India,” said ambassador Sudhir.

The UIBC-UC will act as the counterpart organisation to the UIBC India Chapter, which was founded in New Delhi on September 3, 2015, by Sushma Swaraj, the country’s then-minister of external affairs, and Sheikh Abdullah bin Zayed Al Nahyan, the UAE’s minister for foreign affairs and international cooperation.

With the establishment of the UAE India Business Council – UAE Chapter (UIBC-UC),consent from the Indian Ministry of External Affairs and the UAE’s Ministry of Foreign Affairs and International Cooperation.

The UIBC-UC has been registered with the Dubai Chamber of Commerce as a legal and financial body and will do business under the direction of the Federation of UAE Chambers of Commerce & Industry. The council, an all-UAE organisation with an office in Abu Dhabi, will be dedicated to fostering business and economic ties between the UAE and India. Institutional members will gradually be invited, and membership in UIBC-UC will be by invitation only.

The goal of the council, according to Faizal Kottikollon, Chairman of KEF Holdings and newly appointed Chairman of UIBC-UC, would be to identify significant strategic projects that can be executed.

by both nations.

This involves funding significant infrastructure projects in India, technological and manufacturing breakthroughs, and enabling Indian enterprises to use the UAE as a springboard for their international expansion, the official said. DP World’s CEO and MD for the Indian Subcontinent, Rizwan Soomar, will co-chair the UIBC-UC. The Chairman of the UIBC India Chapter, Major General (Retd.) Sharafuddin Sharaf, will also serve as Vice Chairman of the UIBC-UC.

Mubadala – the UAE’s sovereign wealth fund, Wizz Financial, DP World, EMAAR, Emirates Airlines, and Emirates NBD Bank are the founding members of the UIBC-UC from the UAE perspective. Large businesses from India include TATA, Reliance, and Adani as well as IT pioneers along with well-known Indian entrepreneur-led Businesses established in the UAE like KEF Holdings, Buimerc Corporation, Apparel Group, EFS, and Lulu Finance, OLA, Zerodha, Udaan, and EaseMyTrip are represented.

 

Related Posts

FTA agreements with Indonesia & Vietnam leading to closure of textile mills – Appeal from NITMA to Minister of Finance, Minster of Textiles & Minister for Commerce & Industries.