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DUBAI: In a show of solidarity with India’s Joint Territory of Jammu and Kashmir (J&K), several UAE-based business entities signed a Memorandum of Understanding (MOU) and Letter of Intent (LOI) to establish a solid bilateral trade relationship. To this end, five MoUs were signed today at Emirates Towers.
The agreements were signed in the presence of Manoj Sinha, Deputy Governor of Johnson & Johnson, Ahmed Al Banna, UAE Ambassador to India, Sunjay Sudhir, Indian Ambassador to UAE, Ranjan Thakur, Principal Secretary, Ministry of Industry, Commerce and Aviation, Johnson & Johnson Government, Dr Aman Puri, India Consul General in the UAE and representatives of participating business organisations.
The J&K government signed memorandums of understanding with Al Maya Group, Noon e-commerce, MATU Investments LLC and GL Employment Brokerage LLC. Magna Waves Ltd, Emaar Group and Lulu International signed a letter of intent.
Huge investment potential
Addressing the business community at the signing ceremony, Sinha said: “We are delighted to have signed four MoUs ahead of the business summit and are delighted to see the optimism and engagement of the UAE business community. Jammu and Kashmir has the lowest tariffs at terminals, and in horticulture There are huge opportunities in , real estate, tourism and we are proving huge investment incentives for business establishments. This ceremony just showcases the strong India-UAE trade relationship.”
From left: (back row) Sunjay Sudhir, Manoj Sinha, Ahmed Al Banna, Dr Aman Puri. (Front row, seated) Ranjan Thakur and Kamal Vachani at Emirates Towers, Dubai, Thursday.
Image credit: Suchitra Bajpai Chaudhary/Gulf News
“Strengthening Bilateral Relations”
Al Banna said he was delighted to witness the signing ceremony, which included Emirati companies that signed important trade deals with J&K. “India is the UAE’s second largest trading partner, while the UAE is India’s third largest trading partner. This signing event demonstrates the strategic relationship between the two countries and is of great significance to further strengthen the relationship between the two countries.”
UAE’s first retailer to import Kashmir saffron
Kamal Vachani, group director of Al Maya Group, told Gulf News: “We are the first retailer in the UAE to import saffron from J&K. The MoU signed today is for the sourcing of the famous Kashmiri apples and other dried fruits. We are really looking forward to these trade relations and are proud to be part of the successful journey the Commonwealth Territories are currently going through. There will be new travel avenues, hotels and real estate will open, and we are confident that J&J will enter a new era of trade and commerce.”
Emaar Shopping Center
One of the most significant potential developments that will emerge directly from this signing event is that Emaar Group’s property group, Magna Waves Pvt ltd, intends to develop a shopping centre in J&K, where Lulu International will have a huge retail outlet.
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