The establishment of the India-UAE Business Council will increase bilateral trade and investment.
On February 18, the first anniversary of the signing of the India-United Arab Emirates Comprehensive Economic Partnership Agreement, the Indian Business Council UAE Chapter (UIBC-UC) was launched to facilitate bilateral business and investment between India and the United Arab Emirates (United Arab Emirates) (“arrange”).
The plan aims to strengthen economic ties and make it easier to achieve the shared goal of increasing bilateral trade and investment.
Witnessed by Sunjay Sudhir, a founding member of UBIC-UC and Ambassador of India to the UAE, and Aman Puri, Ambassador of India to Dubai, UIBC-UC was introduced by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
By increasing bilateral trade to $100 billion, the two countries hope to get the UAE to invest $75 billion in India.help both countries achieve these goals and maximize their potential UAE-India PartnershipUIBC-UC is a great place to be.
The committee leverages the close ties between the two countries to unite key partners and stakeholders. Helpful policy direction will be provided while fostering creative partnerships between Indian and UAE businesses.
According to sources, the establishment of the UAE-India Business Council marks an important turning point in Arab-Indian relations. He noted that the council is crucial to both countries’ combined goals of promoting bilateral business and investment. He sees this as a catalyst for creative collaboration between our two great nations.
The close organization of UIBC India Chapter is UIBC-UC which was established on 3 September 2015 in New Delhi during the 11th session of the India-UAE Joint Committee. Both Smt. Sushma Swaraj, Your Excellency. With the support of the Ministry of Foreign Affairs and International Cooperation of the United Arab Emirates and the Government of India, the UAE-India Business Council – UAE Chapter (UIBC-UC) was established.
UIBC-UC will be run by the UAE Federation of Chambers of Commerce and Industry, which is registered as a legal and financial organization with the Dubai Chamber of Commerce.
The council, a national entity of the UAE based in Abu Dhabi, will be tasked with promoting business ties between the UAE and India. Institutional membership will be slowly required to join UIBC-UC, and membership will only be granted upon receipt of an invitation.
Sovereign wealth funds from the United Arab Emirates, Wizz Financial, DP World, EMAAR, Emirates Airlines and Emirates NBD Bank, as well as prominent Indian conglomerates such as Tata Group, Reliance and Adani, as well as companies like OlaZerodha and EasyMyTrip are all represented on the committee.
The committee based in the United Arab Emirates is made up of leading Indian businessmen. This underscores the key to both countries seeking key initiatives and strategic alliances.
At the same time, it facilitates foreign investment in India.
Bilateral trade between India and the United Arab Emirates United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan is currently on a two-day official visit to India to further strengthen bilateral ties.
During the official visit, Foreign Minister S Jaishankar held talks with the UAE Foreign Minister. For the five months April-August of the current fiscal year (CFY), trade between the two countries totaled $36.82 billion. CFY is expected to exceed $88 billion, compared to $73 billion in the previous fiscal year.
Prime Minister Narendra Modi has visited the UAE four times in the past eight years. Even foreign ministers have met four times in the past three months. In February this year, the UAE and India signed the first CEPA. The event marked a first for India in the past decade. Implementation begins in May 2022.
Compared with the same period of the previous fiscal year, bilateral trade increased by 38%. Exports rose 27 percent during the period, while imports jumped 45 percent, thanks to higher oil prices.
Both countries are studying the UAE’s Indian population of 3.5 million as a potential payment mechanism for UPI remittances. Total investment from the UAE has exceeded US$10 billion.
These include several significant financial commitments, including $2 billion from Reliance Jio and Reliance Retail (June 2020), $2 billion from Adani (renewable energy, April 2022) and $1 billion from TATA Motors (electric Automotive, October 2021).
Reliance invests $2bn in a petrochemical joint venture in the United Arab Emirates, making it a two-way investment (Dec 2021). In addition, the leaders issued a joint vision document. Economic drivers and the forward-looking trajectories they provide for bilateral relations.
The vision paper serves as a guide for further forays into emerging areas such as the establishment of IITs, green hydrogen collaborations, fintech, specialty food corridors, health collaborations (including efforts to develop Africa), talent, defense exports, etc.
The government has donated 26 acres of land to build a Hindu temple in Abu Dhabi.
These countries are discussing a $2 billion investment United Arab Emirates Building food corridors in India as part of I2U2 and investing an additional $300 million to build a 300 GW hybrid (wind and solar) power plant. Over time, the ties between the two countries have grown stronger. The UAE was admitted to the G20 summit as an invited country.