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Delegation’s visit to Tel Aviv is significant as India sees UAE as corridor for expanding trade and commerce
Indian Ambassador to Israel Sanjeev Singla (R), UAE Ambassador to Israel Mohamed Al Khaja (L) and CII Mandate and Chairman (C) Rajan Navani during the CII business delegation meeting in Tel Aviv, Israel. Photo by Niraji Mulally.
The UAE is committed to a “justice narrative” and is keen to connect Indian and Israeli individuals and businesses from their unique position in the Middle East. “Bringing people together and making new friends is what makes a business stronger,” said Mohamed Al Qaja, the UAE’s ambassador to Israel, in Tel Aviv on Monday.
“The Abraham Accord with Israel is a new beginning,” the envoy said while interacting with a business delegation led by the Confederation of Indian Industry.
As the pandemic drew to a close, the UAE moved quickly to sign the bilateral Comprehensive Economic Agreement (Cepa) with India and Israel. It plans to sign more than 20 such bilateral agreements with other countries. Ambassador Khaja said that since the signing of the Cepa agreement with Israel, companies from both countries are very interested in taking advantage of the opportunities that arise while taking people-to-people exchanges to another level. He said the emergence of new entrepreneurial enthusiasm between the business communities of the two countries was a sign of changing times.
Sanjeev Singla, India’s ambassador to Israel, said: “A lot of times, business is a more authentic sign of the relationship between the two countries. It is encouraging that business is returning to normal after the pandemic.” He stressed that the cornerstone of business Already laid, industry leaders should drive the process along with their counterparts in their respective countries, he added.
The delegation’s visit to Israel is significant as India sees the UAE as a corridor to expand trade and commerce, while expanding other sectors and other countries. The business leaders of the delegation were not only from India, but also from the UAE.
Singhra said better connectivity between India and Israel, with the UAE as a bridge, both sides aim to achieve a trade value of US$10 billion over the next five years.
India’s annual trade with the UAE currently stands at $70 billion, and Cepa could push it to more than $100 billion in the next five years.
“When you put these three countries together, we seek to enhance complementary strengths – Israel’s innovation and unique industries such as technology; the UAE’s connectivity and commercial strengths; and India’s large and dynamic economy.” ‘
Indian businesses are also advised to conduct due diligence when entering the Israeli market and forming partnerships.
The dynamism and enthusiasm in UAE-India-Israel relations was evident on Monday, two years after the Abraham Accords and after the pandemic has subsided. The visit was buzzing with Indian business leaders, who seemed impatient to get things moving, as if to make up for lost time. Business delegations are busy meeting over coffee, networking, talking about challenges and perspectives on challenges from both sides.
Anat Bernstein-Reich, president of the Israel-India Chamber of Commerce, acknowledges that there are cultural differences, but they can be overcome if Indian and Israeli business leaders build trust after researching the market and finding industries to work with.
Industry leaders on both sides are optimistic about the outlook and are looking for new business avenues based on I2U2 (India, Israel, UAE, US).
Rajan Davani, head of Israel’s CII delegation, said the “difficult phase” was over and it was important to look to the future with hope under the group.
“How do we move forward with I2U2? Indian companies wanting to do more in the UAE could be a start. The goal is to listen and consolidate the dialogue we have already started between the parties,” he said.
Sudhir Kumar, senior partner at Kreston Menon, said the India-UAE-Israel synergy benefits the economies of these countries. His company is already helping companies and is being inquired. “Activity is heating up and we hope this visit will open new doors for Indian and Emirati companies looking to broaden their horizons.”
For Manish Mohan, senior director of CII, India and Israel have great prospects, the UAE is a trusted long-term partner, and the best is yet to come.
allan@khaleejtimes.com
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