India and UAE Strengthen Ties: Major Deals Signed at Business Forum
India-UAE Business Forum held in Mumbai witnessed the signing of many crucial deals and large-scale projects. This event organized in participation of HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, was aimed at increasing the trade between the two countries.
Key Focus Areas
The forum centered on various important sectors:
– Healthcare
– Biotechnology
– Renewable energy
– Sustainability
– Artificial Intelligence (AI)
– Transportation and distribution
– Agricultural technology
Major Agreements and Initiatives
1. AI Development
– G42 has unveiled Nanda, a Hindi Large Language Model (LLM).
– Goal: To support the locals and to build the AI industry in India
2. Food Import Partnership
– Lulu Group of UAE to partner with India’s Agricultural and Processed Food Export Development Authority
– Aim: For introducing the Indian organic produce to the UAE
3. Virtual Trade Corridor
– United Arab Emirates AD Ports Group and India’s Ministry of Ports, Shipping and Waterways to work together
– Purpose: To create a virtual trade route from UAE to India
4. Mining Sector Collaboration
– International Resources Holding of UAE and Oil India Limited came together to sign a partnership.
– Focus: Collaboration in mining prospects
5. Aircraft Maintenance Deals
– Thus, Global Jet Technic, based in UAE will be able to extend its services to the Indian airlines.
– Partners: InterGlobe Aviation Services, Air India as well as Akasa Air
– Services: Maintenance of aircraft at various airports in UAE including Zayed International Airport
6. Business Cooperation
– The ADCI and CII to cooperate on the chamber signing the MoU as the members of the CII.
– Goals:
– Increase the probability of investment for private enterprises in the two countries
– Exchange information on the growth of the economy
– Expand trade cooperation
7. Technology and Trade Agreements
– Rorix Holdings (UAE) signed deals with:-
– Adani Ports and Special Economic Zone Limited: To popularize the advanced tech to be included in India’s infrastructure
– Indian Bullion and Jewellers Association: To improve trade-in precious metals
Importance of UAE-India CEPA
Sheikh Khaled bin Mohamed highlighted the significance of the Comprehensive Economic Partnership Agreement (CEPA) between UAE and India:
– Fosters economic developments in the two countries
– This depicts the UAE’s willingness to deepen the bilateral economic relations with India.
– It’s an agreement that seeks to increase the volumes of trade between the two countries and ease doing business.
Trade Growth
Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, shared positive trade figures:
– Oil exports declined while non-oil exports stood at $28. 2 billion before the half of the year 2024
– This is a 9. It was an 8% rise as compared to the same period of the year 2023.
– This is evident in the following account even though the overall international trade was declining.
Also Read | India and UAE Sign Five Key MOUs, Paving the Way for $100 Billion in Trade
About the UAE-India CEPA
The Comprehensive Economic Partnership Agreement, started in May 2022, offers several benefits:
– Greater market access for the exports of UAE to penetrate the Indian market
– The reduction or complete elimination of tariffs
– More cross-border trade
– Improved prospects for UAE service providers in India
– It also means more opportunities for UAE firms to bid and to be awarded contracts in the Indian government projects.
The India UAE Business Forum is a forum for business people from the two countries to interact and look at the possibilities of cooperation both in the private and public sectors.
