India-UAE Business Council launched to boost bilateral trade and investment Marking the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the two sides have launched the UAE chapter of their joint business chamber to bolster economic ties and facilitate enhancing bilateral trade and investment. India and the United Arab Emirates (UAE) inked a CEPA on February 18 last year to boost trade ties following a virtual summit between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.
India and the United Arab Emirates (UAE) have launched the UAE chapter of their joint business chamber to enhance bilateral trade and investment, marking the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The move aims to strengthen economic ties between the two nations.
The CEPA was signed on February 18 last year, following a virtual summit between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan. The agreement was established to increase trade and investment between the two countries and to provide a platform for their business communities to collaborate and expand.
Faizal Kottikollon, Chairman, of KEF Holdings, who has been appointed as the Chairman of UIBC-UC, said the council’s focus will be to identify significant strategic projects that can be undertaken by both countries.
“This includes investments in large infrastructure projects in India, advancements in manufacturing and technology, and providing Indian manufacturers with the ability to use the UAE as a base for their global expansion,” he said.
Rizwan Soomar, CEO & MD (India Subcontinent) at DP World, will serve as the Co-Chairman of UIBC-UC.
The India-UAE Business Council was created to facilitate cooperation and interaction between Indian and Emirati companies, thereby boosting economic growth and prosperity for both nations. The launch of the UAE chapter of the council is expected to provide a platform for Indian companies to engage with their Emirati counterparts and explore new business opportunities in the region.
India and the UAE have enjoyed strong economic ties for several years, with bilateral trade reaching approximately $60 billion in 2019. The two nations have sought to further strengthen their relationship through the CEPA, which is expected to create significant opportunities for both countries in the areas of trade, investment, and technology transfer.
The UAE is one of India’s largest trading partners, and the launch of the UAE chapter of the India-UAE Business Council is expected to further boost trade and investment between the two countries. The council will focus on sectors such as infrastructure, renewable energy, logistics, healthcare, and tourism, among others.
In conclusion, the launch of the UAE chapter of the India-UAE Business Council is a significant step towards enhancing economic ties between India and the UAE. The move is expected to provide a platform for Indian and Emirati companies to explore new business opportunities and strengthen their relationship. With the CEPA in place, the two nations are well-positioned to leverage their strengths and create a more robust economic partnership.