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Abu Dhabi [UAE]18th February (ANI): The Indian Business Council-UAE Chapter (UIBC-UC) was launched on Saturday to boost bilateral trade and investment between India and the UAE, marking the launch of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) The one-year anniversary of the signing strengthens economic ties and promotes the shared goal of strengthening bilateral trade and investment.
UIBC-UC was initiated by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, UAE, in the presence of Mr. Sunjay Sudhir, Ambassador of India to UAE, Dr. Aman Puri, Consul General of India in Dubai, and founding members.
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. It will serve as an invaluable source of policy guidance and facilitate innovation collaboration between UAE and Indian businesses.
In his speech, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, emphasized that the launch of the UAE Chapter of the UAE India Business Council marks an important moment in deepening 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 be a catalyst for innovative cooperation between our two great nations.
Ambassador Sunjay Sudhir, who was present at the launch, said: “Today’s launch marks an important milestone in strengthening the relationship between the United Arab Emirates and India. I extend my sincere congratulations to all the founding members of the UAE-India Business Council and look forward to seeing the The Commission’s initiatives have brought greater prosperity to both countries.”
UIBC-UC will serve as the counterpart to the UIBC India Chapter, which was launched on 3 September 2015 by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, UAE, and Smt. . Established in New Delhi. . Indian External Affairs Minister Sushma Swaraj during the 11th India-UAE Joint Council meeting. 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.
Faizal Kottikollon, chairman of KEF Holdings, who has been appointed chairman of UIBC-UC, said: “The council’s focus will be to identify major strategic projects that both countries can undertake. This includes investment in large infrastructure projects in India, manufacturing and technological advancements , as well as providing Indian manufacturers with the ability to use the UAE as a base for their global expansion.”
Rizwan Soomar, CEO and Managing Director (Indian Subcontinent), DP World, will serve as Co-Chair of UIBC-UC. He shared his views on the matter and said, “I am delighted that DP World, as one of the key investors in India and with its deep knowledge of the UAE-India Corridor, will be able to add a lot of value in co-chairing this important initiative “
Major General (Ret) Sharafuddin Sharaf, Chairman of UIBC India Chapter, will also assume the role of Vice-President of UIBC-UC.
Major General (Ret.) Sharaf said: “I am delighted that the UIBC (UAE Chapter) has been established. I am looking forward to working closely with the UIBC (UAE Chapter) as the Chairman of the UIBC (India) and the Vice-President of the institution. We are confident that with the establishment of this entity, our common goal of strengthening two-way trade and investment relations between our two countries will be more effectively achieved.”
The UIBC-UC founding members on the UAE side are Mubadala – UAE sovereign wealth fund, Wizz Financial, DP World, EMAAR, Emirates Airline and Emirates NBD Bank. On the Indian side, large conglomerates such as TATA, Reliance and Adani were represented, along with technology innovators such as OLA, Zerodha, Udaan and EaseMyTrip, as well as prominent UAE-headquartered Indian entrepreneur-led companies such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS, and Lulu Financial.
Ankur Gupta, Head of Corporate Affairs and Development, Tata Sons (Middle East and North Africa), said: “The relationship between India and the UAE is dynamic, evident in a surge in public and private investment in infrastructure, technology, finance and human capital. The Council will be an important platform for focused engagement on emerging opportunities between Indian and UAE companies.”
Mr. Bhavish Aggarwal, Founder and CEO of OLA, said: “We are delighted to be a founding member of UIBC-UC. With the growing focus on sustainable development and ‘green growth’, the launch of the UIBC UAE chapter is timely. It Will help unlock the enormous opportunities created by the growing economic and commercial relationship between our two countries and enable entrepreneurs and businesses to work together to develop the world’s future technologies and bring them to market. Ola is committed to building sustainable transportation and a clean energy future, we look forward to building partnerships along the India-UAE corridor.”
Mr. Adeeb Ahamed, Managing Director of Lulu Financial Holdings, said: “Thanks to the great goodwill of the leaders of both countries, the two countries have achieved tremendous growth in trade and investment over the years,” and “the success of this joint effort requires industry representatives from both sides to join hands. , to engage in meaningful discussions and collaborations that help expand the reach of existing markets and create new opportunities to drive innovation and growth.”
On the occasion, Dr. Aman Puri, Consul General of India in Dubai, thanked the founding members of the UAE-India Business Council (UIBC-UC) for their support in establishing the organisation. He highlighted the importance of the platform in providing UAE and Indian businesses with a space to collaborate, discover new opportunities and overcome existing challenges. Dr. Puri stressed that the committee will be a force multiplier and a valuable asset to the diplomatic missions and posts of both countries.
With 25 years of experience in the banking industry, Vikas Anand, most recently Head of Group Operations at First Abu Dhabi Bank, has been appointed as UIBCUC’s Chief Operating Officer and will be charged with advancing the Council’s mission to strengthen bilateral trade and commerce. two countries. Today’s launch of the UAE chapter coincides with the one-year anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries on 18 February 2022, underscoring the strong commitment of both countries to strengthen economic and commercial ties. (Arnie)
This report was automatically generated by the ANI News Service. ThePrint is not responsible for its content.
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