Establishing the India-UAE Business Council will increase bilateral commerce and investment.
On February 18, the first anniversary of the India-United Arab Emirates Comprehensive Economic Partnership Agreement, the India Business Council UAE Chapter (UIBC-UC) was founded to promote bilateral commerce and investment between India and the United Arab Emirates (UAE) (CEPA).
This plan was to strengthen economic ties and make it more uncomplicated to achieve the shared objective of increasing bilateral commerce and investment.
In the presence of the founding members of the UBIC-UC and the Indian ambassador to the UAE, Sunjay Sudhir, and the Indian ambassador general in Dubai, Aman Puri, the UIBC-UC was introduced by His Excellency Dr Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade.
By increasing their bilateral commerce to $100 billion, the two countries hope to get the UAE to invest $75 billion in India. To help both countries achieve these purposes and maximise the potential of the UAE-India partnership, the UIBC-UC is in an excellent place to do so.
The council uses the close ties between the two countries to unite critical partners and stakeholders. While fostering creative partnerships between Indian and Emirati enterprises will present helpful policy direction.
It is stated in public that the founding of the UAE India Business Council signals a crucial turning point in the relationship between the UAE and India. He noted that the Council would be critical to the two countries’ integrated goal to boost bilateral commerce and investment. He thinks it will act as a catalyst for creative cooperation between our two great countries.
The close organisation to the UIBC India Chapter will be the UIBC-UC, created in New Delhi on September 3, 2015, during the 11th Session of the India-UAE Joint Commission Meeting by His Highness. Both Smt. Sushma Swaraj, the Hon. With the blessing of the Ministries of Foreign Affairs & International Cooperation of the United Arab Emirates and the Government of India, the UAE India Business Council – UAE Chapter (UIBC-UC) was created.
The Federation of UAE Chambers of Commerce and Industry will be in charge of the UIBC-UC, registered with the Dubai Chamber of Commerce as a legal and financial organisation.
The council, a national entity for the UAE with a base in Abu Dhabi, would be charged with fostering business ties between the UAE and India. Institutional members will be slowly asked to join UIBC-UC, and membership will only be available upon invitation.
The sovereign wealth funds from the United Arab Emirates, Wizz Financial, DP World, EMAAR, Emirates Airlines, and Emirates NBD Bank, as well as prominent Indian conglomerates like the Tata Group, Reliance, and Adani, and tech innovators like Ola, Zerodha, and EasyMyTrip, are all represented on the council.
The United Arab Emirates-based council consists of leading Indian businesspeople. This exemplifiecriticalhe pursuit of critical initiatives and strategic alliances between the two countries.
Together with that, it promotes foreign investment in India.
Bilateral Trade between India and the United Arab Emirates Sheikh Abdullah bin Zayed Al Nahyan, the foreign minister of the United Arab Emirates, is now on a two-day official visit to India to further bilateral ties.
A meeting between S Jaishankar, the minister of external affairs, and the UAE’s foreign minister took place during his official visit. A total of USD 36.82 billion was exchanged between the two countries in the five months from April to August of the current fiscal year (CFY). Overpassing USD 88 billion is expected for CFY, compared to USD 73 billion for the earlier Fiscal Year.
PM Narendra Modi made four trips to the UAE over the past eight years. Even the foreign ministers met four times in the past three months. In February this year, the UAE and India signed their first-ever CEPA. The event marked India’s first in the last ten years. May 2022 saw the start of its implementation.
Comparing the same time of the current fiscal year to the earlier one, bilateral trade increased by 38%. As a result of rising oil prices, exports rose by 27% during this period, while imports rose by 45%.
Both countries are examining the 3.5 million-strong Indian population in the UAE as a potential UPI payment mechanism for remittances. Investment from the UAE has totalled over $10 billion.
They include several critical financial commitments, including USD 2 bn in Reliance Jio and Reliance Retail (June 2020), USD 2 bn in Adani (renewable energy, Apr 2022), and USD 1 bn in TATA Motors (electric vehicles, Oct 2021).
Reliance funded USD 2 billion in a petrochemicals joint venture in the United Arab Emirates, making it a two-way investment (Dec 2021). Moreover, a Joint Vision Document has been released by the leaders. The economic drive and the forward-looking trajectory it provides for bilateral ties.
The Vision Document is a guide for further forays into emerging fields, such as the founding of IIT, Green Hydrogen cooperation, fintech, a specialised food corridor, health cooperation (including efforts to develop Africa), talents, defence exports, etc.
To build a Hindu temple in Abu Dhabi, the government has donated 26 acres of land.
The countries are talking about a USD 2 billion investment from the UAE to build food corridors in India as part of I2U2 and an additional USD 300 million for constructing a 300 GW hybrid (wind and solar) power plant. Over time, there has been a strengthening of the ties between the two countries. As a special invitee, UAE has been allowed to attend the G-20 Summit.