India-UAE Business Council Launched To Boost Bilateral Trade
India & UAE signed a CEPA and launched a Business Council to amplify strong bilateral relations across sectors. The aim is to boost bilateral trade to $100 billion.
To strengthen economic connections and promote increasing bilateral trade and investment, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) has reached its first anniversary, and the two countries have opened the UAE chapter of their joint business chamber.
Launch of Business Council
Following a virtual meeting between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan, India and the United Arab Emirates (UAE) signed a CEPA on February 18 of last year in order to strengthen their trade relations.
In the presence of the UAE’s ambassador to India, Sunjay Sudhir, the Indian consul general in Dubai, Aman Puri, and the UBIC-founding UC’s members, Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, officially launched the UAE India Business Council – UAE Chapter (UIBC-UC) on Saturday.
$100 Billion Bilateral Trade Aim
The two countries want to boost their commerce to USD 100 billion and entice the UAE to invest USD 75 billion in India.
In order to help both countries achieve these goals and realize the full potential of the UAE-India partnership, the UIBC-UC is prepared to play a significant role.
The council, which capitalizes on the close ties between the two countries, brings together significant partners and stakeholders from both countries and will act as a vital source of policy guidance, encouraging creative collaboration between Indian and Emirati firms.
Minister Zeyoudi stressed in his remarks on this occasion that the founding of the UAE Chapter of the UAE India Business Council marks a critical turning point in the development of the partnership between the United Arab Emirates and India.
Additionally, he also noted that the Council will be crucial in helping the two countries achieve their shared goal of boosting bilateral trade and investment.
He expressed his optimism that it will spur creative cooperation between our two powerful nations.
“Today’s unveiling marks a key milestone in the strengthening of the friendship between the United Arab Emirates and India,” said ambassador Sudhir.
The UIBC-UC will act as the equivalents organization to the UIBC India Chapter, which was founded in New Delhi on September 3, 2015, by Sushma Swaraj, the country’s then-minister of external affairs, and Sheikh Abdullah bin Zayed Al Nahyan, the UAE’s minister for foreign affairs and international cooperation.
UAE Chapter (UIBC-UC) In Business Council
The UAE Ministry of Foreign Affairs and International Cooperation and the Ministry of External Affairs, Government of India, have given their approval for the establishment of the UAE India Business Council – UAE Chapter (UIBC-UC).
The UIBC-UC has been registered with the Dubai Chamber of Commerce as a legal and financial body and will do business under the direction of the Federation of UAE Chambers of Commerce & Industry.
The council, an all-UAE organization with an office in Abu Dhabi, will be dedicated to fostering business and economic ties between the UAE and India. Institutional members will gradually be invited, and membership in UIBC-UC will be by invitation only.
The goal of the council, according to Faizal Kottikollon, Chairman of KEF Holdings and newly appointed Chairman of the UIBC-UC, will seek to identify big strategic initiatives that may be done by both countries.
This involves funding significant infrastructure projects in India, technological and manufacturing breakthroughs, and enabling Indian enterprises to use the UAE as a springboard for their international expansion, the official said.
DP World’s CEO and MD for the Indian Subcontinent, Rizwan Soomar, will co-chair the UIBC-UC.
The Chairman of the UIBC India Chapter, Major General (Retd.) Sharafuddin Sharaf, will also serve as Vice Chairman of the UIBC-UC.
Mubadala – the UAE’s sovereign wealth fund, Wizz Financial, DP World, EMAAR, Emirates Airlines, and Emirates NBD Bank are the founding members of the UIBC-UC from the UAE perspective.
Large conglomerates like TATA, Reliance, and Adani are depicted from the Indian side, as are tech innovators like OLA, Zerodha, Udaan, and EaseMyTrip, as well as well-known Indian entrepreneur-led corporations with offices in the UAE like KEF Holdings, Buimerc Corporation, Apparel Group, EFS, and Lulu Financial.