Marking the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the two sides have launched the UAE chapter of their joint business chamber to bolster economic ties and facilitate enhancing bilateral trade and investment.
India and the United Arab Emirates (UAE) inked a CEPA on February 18 last year to boost trade ties following a virtual summit between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.
The UAE India Business Council – UAE Chapter (UIBC-UC) was launched on Saturday by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of Ambassador of India to the UAE, Sunjay Sudhir, Consul General of India in Dubai Aman Puri and founding members of the UBIC-UC.
The two nations aim to increase bilateral trade to USD 100 billion and attract USD 75 billion in investment from the UAE to India.
The UIBC-UC is poised to play a crucial role in supporting both governments in achieving these objectives and maximising the potential of the UAE-India relationship.
By leveraging the strong bond between the two nations, the council brings together key partners and stakeholders from both nations and will serve as a valuable source of policy guidance, fostering innovative collaboration between Emirati and Indian businesses.
Speaking on this occasion, Minister Zeyoudi highlighted that the establishment of the UAE Chapter of the UAE India Business Council marks a significant moment in the deepening of the relationship between the United Arab Emirates and India.
The UIBC-UC will operate under the supervision of the Federation of UAE Chambers of Commerce & Industry and has been registered as a legal and financial entity with the Dubai Chamber of Commerce.
The council will have its office in Abu Dhabi and will be a pan UAE body focussing on promoting trade and investment relations between the UAE and India.
Membership to UIBC-UC will be by invitation only, and institutional members will be invited over time.Faizal Kottikollon, Chairman, of KEF Holdings, who has been appointed as the Chairman of UIBC-UC, said the council’s focus will be to identify significant strategic projects that can be undertaken by both countries.