Dubai: To mark the one-year anniversary of the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the two sides launched the UAE chapter of the Joint Chamber of Commerce to strengthen economic ties and boost bilateral trade and investment.
India and the United Arab Emirates (UAE) signed CEPA on February 18 last year to boost trade following a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan relation.
The UAE Indian Business Council – UAE Chapter (UIBC-UC) was launched on Saturday by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, Sunjay Sudhir, Indian Ambassador to the UAE, Consul General of India in the presence of Aman Puri, Dubai and founding members of UBIC-UC.
The two countries aim to increase bilateral trade to $100 billion and attract $75 billion in investment from the UAE to India.
UIBC-UC is poised to play a key role in supporting both governments in achieving these goals and maximizing the potential of the UAE-India relationship.
By leveraging the strong ties between the two countries, the council brings together key partners and stakeholders from both countries and will serve as a valuable source of policy guidance, facilitating innovative collaboration between UAE and Indian businesses.
On this occasion, Minister Zeyoudi emphasized that the establishment of the UAE Chapter of the UAE-India Business Council marks an important moment in the deepening of relations between the United Arab Emirates and India.
He also mentioned that the Council will play a key role in supporting the shared mission of the two governments to promote bilateral trade and investment. He expressed confidence that this will foster innovative cooperation between our two great nations.
Ambassador Sudhir said: “Today’s launch marks an important milestone in the strengthening of the relationship between the United Arab Emirates and India.”
UIBC-UC will serve as the counterpart to the UIBC India Chapter, which was launched on 3 September 2015 by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, UAE, and the then Sushma Swaraj was appointed as India’s foreign minister in New Delhi.
The UAE Indian Business Council – UAE Chapter (UIBC-UC) was established with the approval of the UAE Ministry of Foreign Affairs and International Cooperation and the Ministry of External Affairs, Government of India.
UIBC-UC will operate under the supervision of the Federation of UAE Chambers of Commerce and Industry and is registered as a legal and financial entity with the Dubai Chamber of Commerce. The council will have offices in Abu Dhabi and will be a pan-UAE body focused on promoting trade and investment relations between the UAE and India. Membership in UIBC-UC is by invitation only, and institutional members will be gradually invited.
KEF Holdings chairman Faizal Kottikollon, who has been appointed as UIBC-UC chairman, said the council’s focus will be to identify major strategic projects that the two countries can pursue.
“This includes investment 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 and Managing Director (Indian Subcontinent), DP World, will serve as Co-Chair of UIBC-UC.
Major General (Ret) Sharafuddin Sharaf, Chairman of UIBC India Chapter, will also assume the role of Vice-President of UIBC-UC.
The founding members of UIBC-UC in the UAE include UAE Mubadala Sovereign Wealth Fund, Wizz Financial, DP World, EMAAR, Emirates Airline, and Emirates NBD Bank.
On the Indian side, major conglomerates such as TATA, Reliance and Adani as well as technology innovators such as OLA, Zerodha, Udaan and EaseMyTrip as well as UAE Enterprises led by prominent Indian entrepreneurs such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS and Lulu Financial were represented .
This post was last modified on February 19, 2023 at 10:35pm