UAE & India are each other’s key trade partner with robust trade and investments in various sectors in both countries
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UAE businesses have welcomed the Comprehensive Economic Partnership Agreement (CEPA) signed with India. ET quoted quite a few top businesspersons for their reactions to the pact.
Yusuffali MA, Chairman of Lulu Group and Vice-Chairman of Abu Dhabi Chamber of Commerce said that CEPA was “truly a landmark and very decisive moment in the long-standing Indo-UAE trade relations as both countries ink the Comprehensive Economic Partnership Agreement (CEPA). UAE & India are each other’s key trade partner with robust trade and investments in various sectors in both countries. No doubt with the signing of CEPA, many new avenues of collaborations will open, and this will benefit businesses from both countries and beyond as UAE is a key gateway to Middle East and Africa. The current bilateral trade volume of $53b is expected to double to $100 billion in Five Years. As UAE based business group with sizeable presence in India, especially in the retail and food processing sectors, we are hoping that our imports from India will see new levels of growth which will further strengthen the food security of UAE.”
“Although India is currently UAE’s second largest trade partner, such a move will surely anchor the already strong relations between UAE and India to all new dimensions enhancing global competitiveness, quality standards and empowering economic development.”
— Abdul Jebbar PB, Group Managing Director
Bharat Bhatia, Founder & CEO of Conares said that Conares was created in the UAE. “For over 30 years, we have developed an extensive network of clientele, not just in the Middle East, but all around the world. We have plans to explore the possibility in invest backward integration in Steel Making in India. This new trade deal between the two nations creates new opportunities for us to expand our footprint in India,” said.Bhatia.
Abdul Jebbar PB, Group Managing Director, Hotpack Global pointed out that “India offers both export and import opportunities galore which would yield long term benefits and rethinking from our side for future business investments of higher proportions in India. Although India is currently UAE’s second largest trade partner, such a move will surely anchor the already strong relations between UAE and India to all new dimensions enhancing global competitiveness, quality standards and empowering economic development. Hotpack is a global brand. We are the market leaders, here in the UAE and we have been looking to increase our presence in India. This new trade deal is going to open up a lot of doors for us in India and aid us in our plans to expand there. We are confident that we will meet our goal of being recognized as the premier global brand in the packaging industry by 2025.”
Dr Dhananjay Datar, Chairman and MD, Al Adil Group said that “the UAE is India’s one of the leading trade partners. In the recent past there has been a tremendous increase in shipping freight charges for goods from India. On this historic occasion, I am expecting that these issues will be addressed and provide a reasonable solution. As an exporter of Indian foodstuff, I am sure a reduction in shipping freight cost will pave way to enhance the trade relationship leading to India becoming the largest trade partner. I feel this is a landmark initiative and will go a long way in strengthening the bilateral relationship between both the countries.”
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