New Delhi: The India-UAE Business Summit took place on January 10, 2024, as part of the Vibrant Gujarat Global Summit 2024, aiming to bolster bilateral ties between India and the United Arab Emirates (UAE).
UAE’s President, Sheikh Mohamed bin Zayed Al Nahyan, served as the chief guest at the Vibrant Gujarat Global Summit 2024, highlighting the deepening cooperation between the two nations. Prime Minister Narendra Modi extended a warm welcome to Sheikh Mohamed bin Zayed Al Nahyan, expressing appreciation for his efforts to strengthen India-UAE ties.
The Inaugural Session of the India-UAE Business Summit featured keynote addresses from Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles (India), and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ministry of Economy (UAE), along with special remarks from Bhupendra Rajnikant Patel, Chief Minister of Gujarat.
Piyush Goyal, Dr. Thani bin Ahmed Al Zeyoudi, and Bhupendra Rajnikant Patel ceremonially launched the UAE – India CEPA Council (UICC) website during the inaugural session. The session highlighted India’s flourishing startup landscape and included remarks from Kunal Bahl, Chairman of the Confederation of Indian Industry (CII) National Startup Council and Co-founder of Snapdeal and Titan Capital.
A report on the CII India-UAE Start-Up Initiative titled “Unlocking Opportunities: India- UAE Start-Up Ecosystem Convergence” was also unveiled during the summit. The session, chaired by R Dinesh, President of CII and Chairman of TVS Supply Chain Solutions Limited, included addresses from Sultan Ahmed bin Sulayem, CEO of DP World, and M.A. Yusuff Ali, Chairman of Lulu Group International, expressing interest in increased investment in the food processing industry in India.
The India-UAE Business Summit facilitated a focused discussion session to enhance cooperation in areas such as trade finance, investment facilitation, and sectoral collaboration. Delegations from both India and the UAE, comprising representatives from the government and industry, participated. The session featured a presentation on Bharat Mart, a proposed warehousing facility by India in the UAE to support Indian exporters.
India-UAE trade reached USD 85 billion in 2022, making the UAE India’s third-largest trading partner for 2022-23 and India's second-largest export destination. In February 2022, India became the first country with which the UAE signed a Comprehensive Economic Partnership Agreement (CEPA). Since the CEPA came into effect on May 1, 2022, bilateral trade has increased by approximately 15%.
The CEPA, a groundbreaking agreement, has reduced tariffs on over 80% of product lines, eliminated trade barriers, and created new avenues for investment and joint ventures. In the first 12 months of the CEPA, bilateral non-oil trade reached US$50.5 billion, a 5.8% growth compared to the corresponding period a year earlier. Both countries are progressing towards the target of achieving US$100 billion non-oil trade by 2030.
In July 2023, a Memorandum of Understanding was signed to establish a framework promoting the use of local currencies (INR-AED) for cross-border transactions. This initiative reflects mutual confidence and underscores the robustness of the economies in both countries.
The UAE-India Business Summit represents another significant stride towards accelerating bilateral economic relations for mutual growth and prosperity. /BI
