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Lulu Group will work closely with Ficci to support and promote new Indian companies and products in the UAE
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Photo Caption: Saifee Rupawala and Nirankar Saxena signed the MoU in the presence of Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, Sunjay Sudhir, Indian Ambassador to the UAE, Omar Khan, Executive Director of Dubai International Chamber of Commerce and Salim MA, Lulu Group Director. – Photos provided
UAE-based retail giant Lulu Group International and the Federation of Indian Chambers of Commerce and Industry (Ficci) have signed a Memorandum of Understanding (MoU) to further expedite exports from India to the UAE.
The MoU was signed during a special business event in Dubai to mark the one-year anniversary of the India-UAE Comprehensive Economic Partnership Agreement (Cepa). Bilateral trade between the UAE and India surged by 27.5% between April 2022 and November 2022 after Cepa came into force in May.
Saifee Rupawala, CEO of Lulu Group International, and Nirankar Saxena, Deputy Secretary-General of Ficci, signed the MoU in the presence of Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade; Sunjay Sudhir, Ambassador of India to the UAE; Omar Khan, Executive Director of Dubai International Chamber of Commerce and Lulu Group Director Salim MA.
Under the MOU, Lulu Group will work closely with Ficci to support and promote new Indian companies and products in the UAE.
“As one of the largest retailers, Lulu Group International is currently importing nearly Rs 8,000 crore worth of food and non-food items from India for our 247 hypermarkets and supermarkets in the region. Thanks to this new MoU and Cepa initiative, which will grow further,” Rupawala said.
Since the implementation of Cepa, businesses from both countries have begun to take advantage of the enormous potential offered by the agreement. The latest MoU will also create more opportunities to further boost bilateral trade.
Saxena noted: “This MoU presents a huge opportunity for Indian MSMEs and start-ups as they can expand their operations in the UAE. It is in the interest of the Indian and UAE governments to leverage the benefits of Cepa to increase trade.”
V. Nandakumar, Lulu Group’s Group Marketing and Communications Director, and James Varghese, Dubai Regional Director, were also present at the signing ceremony. The sparkling event was organized by Ficci in association with the Indian Embassy in Abu Dhabi, the Indian Consulate General in Dubai and the Dubai Chamber of Commerce.
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