BackUAE-India Business Council launched to boost bilateral trade
To boost bilateral trade between the two countries UAE and India launched UAE-India Business Council. The two nations aim to increase non-oil bilateral trade to $100 billion
PremiumMarking one year of signing of the India-UAE comprehensive free trade agreement, the two sides on Saturday established the UAE chapter of the UAE-India Business Council (UIBC) to bolster economic ties and facilitate enhancing bilateral trade and investment.
“This marks a significant moment in the deepening of the relationship between the United Arab Emirates and India….The Council will play a critical role in supporting the two governments in their joint mission to boost bilateral trade and investment… It will serve as a catalyst for innovative collaboration between our two great nations," said the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi at the launch of the UAE chapter in Dubai on Saturday.
The UIBC-UAE chapter (UIBC-UC) was launched by Zeyoudi in the presence of India’s ambassador to the UAE Sunjay Sudhir, Consul General of India in Dubai Dr Aman Puri, and founding members of the UBIC-UC.
The two sides aim to increase non-oil bilateral trade to $100 billion and attract $75 billion in investment from the UAE to India.
“This is very significant …We want to bring together their experience of doing business in both countries…They will discuss ideas on how to further generate trade and investment opportunities. The launch today marks a significant milestone in the strengthening of the relationship between the UAE and India" said India's ambassador Sudhir.
The members of the Council include groups like TATA, Reliance, Adani are represented, as well as tech innovators like OLA, Zerodha, Udaan, and EaseMyTrip,
along with prominent Indian Corporations based in the UAE such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS & Lulu Financial.
The founding members of the UIBC-UC from the UAE side include Mubadala – Sovereign Wealth Fund of the UAE, Wizz Financial, DP World, EMAAR, Emirates Airlines, Emirates NBD Bank.
The UIBC-UAE Chapter will serve as the counterpart organisation to the UIBC India Chapter, which was established in New Delhi in 2015.
UIBC UC chairman Faizal Kottikollon, said that the council's focus will be to identify significant strategic projects that can be undertaken by both countries. “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 Kottikollon, chairman, KEF Holdings.
Bhavish Aggarwal, founder and CEO of OLA said that the UAE chapter will help unlock the immense opportunities created by the growing economic and business relationships between the two countries and enable entrepreneurs and businesses to work together on developing and bringing to market the future technologies of the world. “Ola is committed to building the future of sustainable mobility and clean energy and we will look forward to forging collaborations across the India-UAE corridor," he said.
The council will have its office in Abu Dhabi and will be a pan UAE body focussing on promoting trade and investment relations between the UAE and India.
The comprehensive free trade pact, negotiated in record 88 days, was signed between the India and the UAE sides on 18 February in New Delhi and came into effect on 1 May.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
