UAE Delegation Prepares To Visit India; Likely To Explore Prospect Of Joint Investment, Cooperation

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Highlights:

  • The visit aims to formulate a sustainable mechanism that empowers the business community in both the countries
  • The visit will also brief the UAE delegation about the facilities and services that the historic CEPA will facilitate to the companies and business
  • The agenda will concentrate on priority sectors for cooperation that remain key dynamic for strengthening ties

On Wednesday, a UAE high-profile delegation will visit India to look into the prospects of joint investment and cooperation within the framework of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).

The visit aims to formulate sustainable mechanisms that empower the business community in both countries to maximize their benefit from the CEPA signed by the two countries in February 2022 and was enforced earlier this month. Minister of Economy Abdullah bin Touq Al Marri will lead the delegation comprising several senior officials and 80 representatives from the government and private sectors.

Reportedly, the visit will also brief the UAE delegation about the facilities and services that the historic CEPA will facilitate to the companies and businesses in both the countries together with the opportunities for building a new sustainable partnership that will leverage the UAE-India relations to an unprecedented level across various walks of economic work.

The agenda will concentrate on priority sectors for cooperation that remain key dynamics for strengthening ties in industrial production, civil aviation, financial services, ICT, food security, transport and infrastructure, logistical services, agri-technology, entrepreneurship, and other future economic factor sectors.

In India, the delegation will chair a series of meetings with Indian ministers, senior government officials, and private sector leaders on the best way to provide and double non-oil trade exchange under the CEPA. Furthermore, it will hold elaborate meetings with leading Indian businessmen, entrepreneurs, and start-ups in New Delhi. The Emirati-India public and private representatives will gather for the UAE- India Economic Partnership Summit in Mumbai.

As far as reports are concerned, India is the second-largest trading partner of the UAE in 2021. It constitutes 9% of the total volume of the UAE trade with the world, and 13% of the UAE’s non-oil foreign trade between the two countries in 2021 reached AED165 billion, a growth of 66% when compared to 2020.

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