New Delhi: The leading business houses from India and the UAE gathered to launch the UAE India Business Council - UAE Chapter (UIBC-UC) to strengthen economic connections and support a common objective of expanding bilateral trade and investment on the occasion of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE's first anniversary.
In the presence of the Indian ambassador to the UAE, Sunjay Sudhir, the Indian consul general in Dubai, Aman Puri, and the UBIC-founding UC's members, Thani bin Ahmed Al Zeyoudi, the UAE's state minister for foreign trade, officially established the UIBC-UC.
The Comprehensive Economic Partnership Agreement (CEPA) between the two countries was signed on February 18, 2022, and the inauguration of the UAE Chapter on Saturday falls on that day, highlighting the two countries' serious commitment to advancing their economic and business ties.
Large conglomerates like TATA, Reliance, and Adani, as well as tech pioneers like Ola, Zerodha, Udaan, and EaseMyTrip, are represented by the founding members of the UIBC-UC from the Indian side. Other notable Indian entrepreneur-led businesses with offices in the UAE include KEF Holdings, Buimerc Corporation, Apparel Group, EFS, and Lulu Financial. Emirates Airlines, Emirates NBD Bank, Wizz Financial, DP World, EMAAR, and Mubadala—the UAE's sovereign wealth fund—come from the UAE side.
The two countries want to boost their commerce to $100 billion and bring $75 billion in investments to India from the UAE. In order to help both countries achieve these goals and realise the full potential of the UAE-India partnership, the UIBC-UC is prepared to play a significant role. The council, which capitalises on the close ties between the two countries, brings together significant partners and stakeholders from both countries and will act as a vital source of policy guidance, encouraging creative collaboration between Indian and Emirati firms.
Addressing at the event, Thani bin Ahmed Al Zeyoudi emphasised that the founding of the UAE Chapter of the UAE India Business Council marked a major moment in the strengthening of the connection between the United Arab Emirates and India. Moreover, he noted that the Council will be crucial in helping the two countries achieve their shared goal of boosting bilateral trade and investment.
Sunjay Sudhir, the Indian ambassador to the UAE, said: "The launch represents an important turning point in the development of ties between India and the United Arab Emirates. I'd like to sincerely congratulate all of the founding members of the UAE India Business Council and express my hope that the activities of the Council would lead to increased prosperity for both countries."
The UIBC-UC will act as the counterpart organisation to the UIBC India Chapter, which was established in New Delhi on September 3, 2015, during the 11th Session of the India-UAE Joint Commission Meeting, by then Indian Foreign Minister Sushma Swaraj and UAE Minister for Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan.
Faizal Kottikollon, the Chairman of KEF Holdings and the new Chairman of UIBC-UC, stated that "Finding substantial strategic projects that both nations can implement would be the council's main objective. This involves funding substantial infrastructural projects in India, industrial and technological developments, and enabling Indian enterprises to use the UAE as a platform for their international growth."
Rizwan Soomar, CEO & MD (India Subcontinent) of DP World, will be the co-chairman of UIBC-UC.
The Chairman of the UIBC India Chapter, Major General (Retd) Sharafuddin Sharaf, will also serve as Vice Chairman of the UIBC-UC.
Aman Puri, the Indian consul general in Dubai, thanked the founding members of the UAE India Business Council (UIBC-UC) for their assistance in founding the organisation. He emphasised the platform's importance in giving UAE and Indian firms a place to work together, find new possibilities, and overcome obstacles.
The newly appointed Chief Operating Officer for UIBC-UC, Vikas Anand, will be in charge of advancing the Council's mission to increase bilateral trade and business between the two countries.
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