Key dignitaries and industry leaders highlight the impact of CEPA on trade, investment, and innovation
The third anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the second anniversary of the UAE-India Business Council (UIBC) UAE Chapter were marked by a high-profile event attended by government officials, business leaders, and industry experts, reported ddnews.gov.in.
CEPA drives record growth in bilateral trade and investment
The event was attended by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister for Foreign Trade; Indian Ambassador to the UAE, Sunjay Sudhir; the Consul General of India in Dubai; Faisal Kottikolon, Chairman of the UIBC UAE Chapter; and other members of the UIBC Board of Governors.
In his keynote address, Dr. Thani emphasized CEPA’s transformative role in shaping the UAE’s trade landscape, noting a 20.5% year-on-year growth in the UAE’s non-oil trade with India, which reached AED 240.3 billion.
He highlighted that the agreement with India has served as a foundation for the UAE’s subsequent trade deals with 25 other nations, further strengthening the country’s position as a global trade hub.
Ambassador Sunjay Sudhir underscored that CEPA extends beyond trade by fostering investment flows and people-to-people ties
He highlighted key initiatives such as the Local Currency Settlement mechanism, progress on the India-Middle East-Europe Economic Corridor (IMEC), and the expansion of Indian businesses in the UAE. Companies like Ashok Leyland, Dabur, and Motherson have recently expanded operations in Ras Al Khaimah, leveraging the UAE’s investor-friendly climate.
Collaboration in education and human capital
A key focus of the event was the growing synergy in education and innovation. The UAE’s efforts to attract leading Indian institutions were highlighted, including the establishment of the Indian Institute of Technology (IIT) Delhi campus in Abu Dhabi, and the upcoming campuses of Indian Institute of Management (IIM) Ahmedabad and the Indian Institute of Foreign Trade (IIFT) in Dubai.
The Consul General of India in Dubai noted that since CEPA’s signing in 2022, India-UAE bilateral trade has surged to $84 billion by March 2024. He expressed confidence that the countries are on track to achieve the $100 billion target in non-oil trade and $15 billion in services trade by 2030. He also highlighted key initiatives such as the Virtual Trade Corridor (VTC) and IMEC, which aim to streamline trade and reduce costs.
Reports and initiatives unveiled to boost future collaboration
Faisal Kottikolon, Chairman of the UIBC UAE Chapter, reaffirmed the Council’s commitment to enhancing trade and investment cooperation. The event also saw the release of comprehensive reports, including an investment roadmap for India, a guide for Indian investors on doing business in the UAE, and a report on India’s renewable energy sector in collaboration with SBI Capital Markets.
A coffee table book titled “Opening New Gateways: Tourism Opportunities” was unveiled, followed by a panel discussion on the India-UAE growth story, featuring key industry leaders.
As India and the UAE continue to deepen their economic partnership, this collaboration is emerging as a global model for trade and investment. The event concluded with a shared commitment to strengthening economic ties and unlocking new opportunities for businesses and investors in both nations.
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