The India-UAE Partnership Summit took place on January 24 in Dubai. Officials from India and the UAE who attended the summit emphasized the importance of establishing new economic partnerships to propel the two countries’ strategic development plans.
The summit was inaugurated by Piyush Goyal, India’s Minister of Commerce and Industry, at the headquarters of Dubai Chambers.
During his keynote speech, the minister stated that the UAE-India Comprehensive Economic Partnership Agreement (CEPA) had improved key sectors such as food and agriculture products, as well as gems and jewelry.
“India and the UAE are both pursuing dynamic trade and investment policies. India hopes to see its exports touch $1tn in the near to medium term. Our growing bilateral trade will play an integral role in the UAE’s efforts to double the size of its economy by 2033,” Goyal said.
He added: “The destinies of the UAE and India have been inextricably intertwined for centuries. A closer collaboration, trust and the spirit of entrepreneurship will create limitless opportunities for our economies, our industries, our cities, and our people, now and for generations to come. This is the vision that CEPA aims to turn into reality.”
Goyal also highlighted the various cooperation prospects, which include the rupee-dirham trade, the virtual trade corridor, the food corridor, and leveraging the startup ecosystems of the UAE and India. Textiles, green energy (wind, solar, and hydro), connectivity infrastructure (airports, ports, and roads), and waste management were all identified as key areas of opportunity.
Companies from India have registered with the Dubai Chambers of Commerce
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, revealed that the number of Indian companies that joined Dubai Chamber of Commerce in 2022 surpassed 11,000, bringing the total number of Indian companies registered with the chamber to more than 83,000.
He stated that the increased membership reflects the strength of the two countries’ economic, investment, and trade ties, as well as the importance of economic partnerships in promoting future bilateral relations. Dubai Chamber of Commerce is one of three chambers that operate under the umbrella of Dubai Chambers.
The summit, organized by the International Business Linkage Forum (IBLF) in collaboration with Dubai International Chamber – one of three chambers operating under Dubai Chambers – focused on the state of UAE-India economic ties and examined high-potential bilateral business opportunities in manufacturing and startups, agritech and food processing, healthcare, fintech, and investment.
Rajiv Podar, chairman of IBLF said: “The bilateral trade is all set to touch US$88bn in 2022-23. Traditionally food and energy securities have been the prime focus between the UAE and India, however, CEPA focuses also on the SME sector opening a flood of opportunities across the sectors.”