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UAE-India Business Council launched to boost bilateral trade
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IANS | 19 Feb, 2023
Marking the first anniversary of India-UAE Comprehensive Economic
Partnership Agreement (CEPA), the top business houses of India and UAE
came together to open the UAE India Business Council - UAE Chapter
(UIBC-UC), to bolster economic ties and facilitate shared goal of
enhancing bilateral trade and investment.
The UIBC-UC
was launched by UAE Minister of State for Foreign Trade Thani bin Ahmed
Al Zeyoudi, 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 founding members of the UIBC-UC from the
Indian side, large conglomerates such as TATA, Reliance, and Adani are
represented, as well as tech innovators like Ola, Zerodha, Udaan, and
EaseMyTrip, along with prominent Indian entrepreneur-led corporations
based in the UAE such as KEF Holdings, Buimerc Corporation, Apparel
Group, EFS and Lulu Financial. From the UAE side are: Mubadala -
Sovereign Wealth Fund of the UAE, Wizz Financial, DP World, EMAAR,
Emirates Airlines, Emirates NBD Bank.
The two nations aim to
increase bilateral trade to $100 billion and attract $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
the occasion, Thani bin Ahmed Al 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. He also mentioned that the Council will
play a critical role in supporting the two governments in their joint
mission to boost bilateral trade and investment.
Indian
Ambassador to the UAE, Sunjay Sudhir, said, "The launch today marks a
significant milestone in the strengthening of the relationship between
the United Arab Emirates and India. I extend my sincere congratulations
to all the founding members of the UAE India Business Council and look
forward to seeing the Council's initiatives drive greater prosperity for
both nations."
The UIBC-UC will serve as the counterpart
organisation to the UIBC India Chapter, which was established in New
Delhi on September 3, 2015, by UAE Minister for Foreign Affairs and
International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and then
Indian Foreign Minister Sushma Swaraj, during the 11th Session of the
India-UAE Joint Commission Meeting.
Chairman KEF Holdings, Faizal
Kottikollon, who has been appointed as the Chairman of UIBC-UC, said
that "The council's focus will be to identify significant strategic
projects that can be undertaken by both countries. This includes
investments in large infrastructure projects in India, advancements in
manufacturing and technology, and providing Indian manufacturers with
the ability to use the UAE as a base for their global expansion."
CEO & MD (India Subcontinent) at DP World, Rizwan Soomar, will serve as the Co-Chairman of UIBC-UC.
Major
General (Retd) Sharafuddin Sharaf, who serves as the Chairman of the
UIBC India Chapter, will also hold the position of Vice Chairman of
UIBC-UC.
On the occasion, Consul General of India in Dubai, Aman
Puri, expressed his gratitude to the Founding Members of the UAE India
Business Council (UIBC-UC) for their support in establishing the
organisation. He highlighted the platform's significance in providing a
space for UAE and Indian businesses to collaborate, identify new
opportunities, and overcome existing challenges.
Vikas Anand,
who brings 25 years of experience in banking and was recently the group
head of operations for First Abu Dhabi Bank, has been named as the Chief
Operating Officer for UIBC-UC and will be responsible for advancing the
Council's mission to strengthen bilateral trade and commerce between
the two nations.
The launch of the UAE Chapter on Saturday
coincides with the first anniversary of the signing of the Comprehensive
Economic Partnership Agreement (CEPA) between the two countries on
February 18, 2022, underscoring the deep commitment of both nations to
strengthening their economic and business relations.
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