India-UAE Partnership Summit held, underscores economic partnerships for joint growth

The India-UAE Partnership Summit was held in Dubai on January 24. Indian and UAE officials attending the summit stressed the need to build new economic partnerships to drive the two countries’ strategic’ development plans.

The summit, held at Dubai Chambers’ headquarters, was inaugurated by  Piyush Goyal, India’s Minister of Commerce & Industry.

During his keynote remarks, the minister noted that the UAE-India Comprehensive Economic Partnership Agreement (CEPA) had enhanced key sectors such as food and agriculture products, as well as gems and jewellery.

Read: India’s gem, jewellery exports up by 8.26% after CEPA with UAE: GJEPC

Growing ties

“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 UAE and India’s startup ecosystems. Sectors such as textiles, green energy (wind, solar and hydro), connectivity infrastructure such as airports, ports and roads, as well as waste management, were also outlined as key areas of opportunity.

#India – #UAE Partnership Summit calls for economic partnerships to drive development plans.#WamNews https://t.co/OlQ7I6nmXy pic.twitter.com/s6YR49zxrI

— WAM English (@WAMNEWS_ENG) January 24, 2023

India companies registered with Dubai Chambers

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 exceeded 11,000, bringing the total number of Indian companies registered with the chamber to more than 83,000.

He noted that the membership growth reflects the strength of economic, investment and trade links between the two countries and the importance of economic partnerships in promoting future bilateral relations. Dubai Chamber of Commerce is one of three chambers operating under Dubai Chambers.

Organised by the International Business Linkage Forum (IBLF) in partnership with Dubai International Chamber – one of the three chambers operating under Dubai Chambers – the summit put the spotlight 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.”