India and the UAE have launched the UAE chapter of their collaborative business chamber to increase economic ties and facilitate the enhancement of bilateral and trade investment. It was done while marking the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
On February 18, 2022, India and the United Arab Emirates (UAE) inked a CEPA to elevate their trade relations following a virtual summit between the Crown Prince of Abu Dhabi, Sheikh Mohammed Bin Zayed Al Nahyan, and the Prime Minister of India, Narendra Modi.
Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade launched the UAE India Business Council – UAE Chapter (UIBC-UC) on Saturday in the presence of Sunjoy Sudhir, Ambassador of India to UAE and Aman Puri, the Consul General of India in Dubai and founding members of UBIC-UC.
The aim of the two nations is to increase bilateral trade to USD 100 billion and attract USD 75 billion in investment from the UAE to India.
The UBIC-UC is poised to play a significant role in supporting both the nations’ governments in order to achieve the objectives and help maximize the potential of the UAE-India relationship. By leveraging the strong relationship between India and the UAE, the council brings together key partners and stakeholders from both countries that will serve as a valuable source of policy guidance and foster innovative collaboration between Indian and Emirati businesses.
On the occasion, Minister Zeyoudi highlighted that the establishment of the UAE chapter of the UAE-India Business Council has marked a remarkable moment towards deepening the relationship between India and the United Arab Emirates (UAE).
He further mentioned how the council will play a significant role in supporting the two governments in their collaborative mission to strengthen and bolster bilateral trade and investment. He expressed his confidence that it will certainly catalyse an innovative partnership between the two great countries.
Ambassador Sudhir said that the launch of the chapter marks a significant milestone in bolstering the relationship between India and the United Arab Emirates.
The UBIC-UC will serve as a counterpart organization to the UBIC India chapter that was established in New Delhi in September 2015 by Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister for Foreign Affairs and International Cooperation, and then Minister of External Affairs of India, Sushma Swaraj.
The UBIC-UC, which has been registered as a legal and financial entity with the Chamber of Commerce of Dubai, will operate under the supervision of the Federation of UAE Chambers of Commerce and Industry.The office of the council will be placed in Abu Dhabi, and it will be a pan-UAE body that will focus on promoting investment and trade relations between India and the UAE. On the basis of the invitation, membership to the UBIC-UC will be given, and the institutional members will be invited over time.
The Chairman of KEF Holdings, Mr. Faizal Kottikollon, has been appointed as the chairman of UBIC-UC. He said that the focus of the council will be to identify an important project of a strategic nature that can be undertaken by both nations.
