India-UAE Partnership Summit Calls For Economic Partnerships To Drive Development Plans

India and the United Arab Emirates have a very special bond, especially in terms of economic relations. To celebrate the same, a special “India-UAE Partnership Summit” was hosted at the headquarters of the Dubai Chambers today.

The summit was inaugurated by Mr. Piyush Goyal, the Minister of Commerce and Industry in India. During the keynote speech after the inauguration, he said that “The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE has already given a boost to the key sectors of both the countries such as agriculture and food products, jewelry, and a gem.”

It Was Inagurated By Piyush Goyal

He also added that “Both India and the United Arab Emirates highly value dynamic investment and trade policies. Speaking about India, the country has an expectation that the export from the country will cross the $1 trillion mark in the near to medium term future. The UAE has a goal to double the size of its economy in comparison to its place today, by the year 2030.

Improving bilateral trade relations between the UAE and India will definitely play a significant role in reaching that goal. For centuries, the goals of the UAE and India have been pretty much on a similar path, and the recent progress made to collaborate the efforts of both nations by growing the spirit and trust involved in entrepreneurship will definitely build a limitless amount of opportunities for both the countries, in the form of growing number of industries, well-developed cities, better living standards for people. The results of the effort today are not only for the people of today to enjoy but will be beneficial for the future generations as well.”

Minister Goyal also highlighted the several cooperative activities conducted by India and UAE, including the establishment of rupee-dirham trade, introducing the virtual corridor for trading, the food corridor, and also leveraging the intense startup ecosystem in both countries.

According to Minister Goyal, other areas of opportunity in both countries lie in the fields of textiles, waste management, renewable energy, and public infrastructure.

His Excellency Mohammad Ali Rashid Lootah, President, and CEO of Dubai Chambers represented the UAE delegation at the summit. As part of the keynote, he said that “Over 11,000 new companies joined the Dubai Chamber of Commerce in 2022 alone, thus bringing the total number of Indian companies registered in the Dubai Chamber to over 83,000 as of the latest available data.

Such an immense growth in the number of Indian-owned companies starting their journey in Dubai showcases the importance of having an active economic partnership between the two countries and how such a partnership and influence bilateral relations in the years to come.”

Dubai Chamber’s International Office in Mumbai to See Expansion This Year

Lootah also highlighted the fact out of the three international chamber offices functioning under the Dubai International Chamber, the one set up in Mumbai plays a very crucial role in the development of mutual relations and also in attracting a higher number of small-scale and medium-scale enterprises and startups into Dubai.

During his keynote, Lootah stated that there will be expansion activities happening in the Dubai International Chamber’s Mumbai office this year to keep up with the added requirements based on the improving bilateral relationship between both countries.

Lootah ended his keynote by stating that “The international offices under the Dubai Chamber, work to achieve the initiatives put in place under the guidance of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The aim of the initiatives is to maintain the already solid position of Dubai as the key investment and business hub in the region, and also to support the local businesses in establishing their efforts in overseas markets as well.”

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Speaking at the summit, Rajiv Poddar, Chairman of the International Business Linkage Forum (IBLF), stated that “The trade activities between India and the United Arab Emirates is set to reach the $88 billion mark in the FY2022-23. Even though, the traditional trade activities between both the countries focused on food and energy, the implementation of CEPA ensures that even small-scale and medium-scale enterprises of both the countries also benefit out of the markets and facilities offered by both the countries.”

Another speaker at the event was Dinesh Joshi, who is the President of IBLF and the Chairman of the SatyaGiri Group of Companies. During his address, Joshi said “The visionaries who are in leadership positions both in India and the UAE have worked hard to reinforce the relationship that has already been in place for centuries altogether. The latest advancements in the relationship between both the nations, such as the inclusion of CEPA, which was completed in just 88 days, shows how committed both the nations are for their collective growth.”

The CEPA Agreement between India and the UAE was signed in 2022, with the main agenda to boost the trade between both countries by 120 percent from the existing $45 billion to at least $100 billion, and also to increase the value of services exchanged between the two countries to at least $15 billion, all within the next five years.