The United Arab Emirates (UAE) and India have long had a strong and fruitful relationship, especially in the area of trade and commerce. To strengthen this relationship further, the UAE India Business Council – UAE Chapter (UIBC-UC) was launched on February 18, 2023, by the UAE’s minister of state for foreign trade Thani bin Ahmed Al Zeyoudi. The launch of this chapter marks a significant milestone in the bilateral relationship between the two countries.
The UIBC-UC is a joint initiative of the UAE and India, aimed at promoting economic and business ties between the two countries. The council is made up of representatives from the business communities of both countries, who will work together to identify opportunities for trade and investment, and develop strategies to enhance bilateral trade. The council will also play a crucial role in providing a platform for businesses to network and collaborate with each other.
India and the UAE are targeting increasing bilateral trade to total $100 billion. The counsel is also keen to attract $75 billion in investments from the UAE to India.
“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,” said KEF Holdings’ chairman Faizal Kottikollon, who has been appointed as the chairman of the UAE India Business Council – UAE Chapter (UIBC-UC).
The launch of the UIBC-UC coincides with the first anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India. The CEPA has already had a positive impact on bilateral trade between the two countries, with trade between India and the UAE increasing by over 25% in the first year after the agreement was signed.
Speaking at the launch of the UIBC-UC, the UAE’s minister of state for foreign trade Thani bin Ahmed Al Zeyoudi said, “The UAE and India have a long-standing relationship, and our bilateral ties are rooted in shared history, culture and values. The launch of the UAE India Business Council – UAE Chapter is a testament to our commitment to strengthening economic ties between our two countries, and we look forward to working closely with our Indian counterparts to further enhance our bilateral trade and investment relationship.”
India’s ambassador to the UAE Sunjay Sudhir, who was also present at the launch, praised the initiative, saying, “The UAE India Business Council – UAE Chapter is an important platform for businesses in both countries to collaborate, network and explore opportunities for trade and investment. We believe that the council will play a crucial role in enhancing bilateral trade and investment ties between the UAE and India.”
The UIBC-UC has already attracted a significant number of founding members from the business communities of both countries. These members represent a wide range of sectors, including construction, hospitality, energy, and finance. The council will work closely with these members to identify areas of potential collaboration, and develop strategies to promote bilateral trade and investment.
The launch of the UAE India Business Council – UAE Chapter is a significant milestone in the bilateral relationship between the UAE and India. The council is expected to play a crucial role in promoting economic and business ties between the two countries, and in enhancing bilateral trade and investment. With the strong commitment of both the UAE and India to this initiative, we can expect to see significant progress in the years to come.
