Coinciding with the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the two sides on February 18, 2023 established the UAE chapter of the UAE-India Business Council (UIBC-UC). The bilateral outfit was launched by UAE’s Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi. Other representatives present on the occasion were India’s Ambassador to the UAE Sunjay Sudhir, Consul General of India in Dubai Aman Puri and founding members of the UBIC-UC.
“The two nations aim to increase bilateral trade to $100 billion and attract $75 billion in investment from the UAE to India. The UIBC-UC is poised to play a crucial role in supporting both governments in achieving these objectives and maximizing the potential of the UAE-India relationship,” a statement issued by the Consulate General of India in Dubai stated. It also mentioned that the UIBC-UC was set up with the permission of the Ministry of Foreign Affairs and International Cooperation of the UAE and the Ministry of External Affairs. The organisation will operate from its office in Abu Dhabi.
The India-UAE CEPA was signed on February 18, 2022 which aimed to boost bilateral trade as both sides charted the path ahead in post-COVID recovery of national and regional trade. Faizal Kottikollon, chairman, KEF Holdings, who was appointed as the chairman of UIBC-UC said, “The Council’s focus will be to identify significant strategic projects that can be undertaken by both countries. This includes invesments 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.”
Lauding the formation of the outfit, Ambassador Sunjay Sudhir said the launch will lead to “greater prosperity both nations”.
