As part of its aim to increase bilateral trade to $100 billion (AED367 billion) by the end of 2030, a UAE India Business Council – UAE Chapter (UIBC-UC) has been established to enhance trade and investment between the two countries.
This was announced as part of the first-anniversary celebration of the UAE-India Comprehensive Economic Partnership Agreement (CEPA). Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Sunjay Sudhir, India’s Ambassador to the UAE, formally launched the initiative.
As part of the anniversary celebration of CEPA, Al Zeyoudi also received a delegation from the Federation of Indian Chambers of Commerce and Industry (FICCI), which included more than 100 exporters, startups and business owners.
UAE-India bilateral cooperation
UIBC’s UAE Chapter is poised to play a crucial role in supporting both governments in maximising the potential of the UAE-India relationship. The council brings together key partners and stakeholders from both nations and serves as a valuable source of policy guidance and fostering innovative collaborations.
Speaking to the FICCI delegates, Al Zeyoudi said: “The UAE-India Comprehensive Economic Partnership Agreement is another step on a journey that first began with our foundation as a united, independent nation in 1971. And it’s remarkable how far we have both come.
“There is, in my mind, no better model of international cooperation than this modern, flexible and mutually beneficial deal, and I look forward to greater collaboration and innovation as we begin to realise its full potential.”
The UIBC-UC will serve as the counterpart organisation to its India Chapter, which was established in New Delhi on September 3, 2015, by Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister for Foreign Affairs and International Cooperation, and Mrs Sushma Swaraj, Minister of External Affairs of India, during the 11th session of the UAE-India Joint Commission meeting.
Ambassador Sunjay Sudhir added: “The launch marks a significant milestone in the strengthening of the relationship between the United Arab Emirates and India.
“This is truly the golden era of our relationship, which have run in parallel over the last half century. The CEPA underlined how important our economies are to each other, and how much we look to the other for inspiration, support and opportunity. The impact of the CEPA is already being felt, but it’s clear we are only at the very beginning of this exciting new chapter.”
Faizal Kottikollon, Chairman, KEF Holdings, who has been appointed as the Chairman of UIBC-UC, said: “The council’s focus will be to identify significant strategic projects that both countries can undertake. 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.”
The founding members of the UIBC-UC from the UAE are Mubadala – sovereign wealth fund of the UAE, Wizz Financial, DP World, Emaar, Emirates Airlines and Emirates NBD. The Indian members include large conglomerates such as TATA, Reliance, and Adani, as well as tech innovators like OLA, Zerodha, Udaan, and EaseMyTrip, along with prominent Indian corporates based in the Emirates such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS and Lulu Financial.
Bhavish Aggarwal, Founder & CEO of OLA, said: “We are delighted to come on board as a founding member of UIBC-UC. With the growing focus on sustainable and ‘green growth’, the inception of UIBC UAE chapter comes at a great time. It will help unlock the immense opportunities created by the growing economic and business relationships between our countries and enable entrepreneurs and businesses to work together on developing future technologies of the world.”
Vikas Anand, who has 25 years of experience in banking and was recently the group head of operations for First Abu Dhabi Bank, has been named the Chief Operating Officer for UIBC-UC.
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