Lulu Group and Ficci sign MoU to boost exports from India to the UAE
To boost India's exports to UAE, Lulu Group International entered into an agreement with the Federation of Indian Chambers of Commerce and Industry (FICCI)
The UAE-based retail giant Lulu Group International and the Federation of Indian Chambers of Commerce and Industry (Ficci) signed a memorandum of understanding (MoU) to further accelerate exports from India to the UAE. This comes at the one-year of the signing of the India-UAE comprehensive economic partnership agreement, aimed to bolster bilateral trade and investment. As per the MoU, the Lulu Group will closely work with Ficci to support and promote new Indian companies and products in the UAE.
“As one of the largest retailers, currently Lulu Group International imports close to ₹80 billion worth of food and non-food products from India for our 247 hypermarkets and supermarkets in the region. This will further grow as a result of this new MoU as well as the Cepa initiatives,” Saifee Rupawala, CEO, of Lulu Group International.
The MoU was signed during a special event to mark a successful year of the CEPA signing organised by FICCI in association with the Embassy of India and Consulate General of India, Dubai and Dubai Chambers.
Nirankar Saxena, Deputy Secretary General, Ficci said that the MoU provides a huge opportunity to the micro, small and medium enterprises, and startups in India as they reach out to the UAE to expand their business. “This is in line with the interests of the governments of India and the UAE to increase trade making use of the benefits of Cepa,” he said.
According to Lulu Group’s V. Nandakumar, group marketing and communications director, FICCI will facilitate Lulu group to explore innovative companies and Small and medium enterprises to create a platform for them to come to the UAE and showcase their products to a wider audience through Lulu hypermarkets. “We will also be hosting special India promotion weeks throughout the year and host many delegations through Ficci to visit our hypermarkets and explore business opportunities in the UAE and across Middle East. We will also be working closely with our other trade partners here to facilitate import of Indian products for them as well,” said Nandakumar.
The India-UAE CEPA negotiated in record 88 days, was signed between the two sides on 18 February and came into effect on 1 May 2022.
India’s exports to the UAE grew by 16.45% in the April-December period to $23.3bn, and imports grew by 24% to $40.7bn during this period.
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First Published:18 Feb 2023, 10:01 PM IST
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