August 8, 2022

Dubai Week

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The business community appreciates the historic partnership agreement between the United Arab Emirates and India

The business community appreciates the historic partnership agreement between the United Arab Emirates and India

Abu Dhabi (Etihad)

The business community in the United Arab Emirates has hailed the historically comprehensive Economic Partnership Agreement with the Republic of India, as well as corporate leaders and general managers representing a group of the country’s leading private sector companies working in the fields of defense, technology, real estate and healthcare. Production confirmed that the agreement marks the first conclusion in the implementation of the United Arab Emirates’ Economic Partnership program, announced globally last September under the umbrella of 50 projects, paving the way for a new era of collective economic growth and prosperity. The Comprehensive Economic Partnership Agreement between the United Arab Emirates and India marks the beginning of a new era of economic cooperation based on mutual interests between the two friendly countries, translating the historical relations between them, enhancing mutual access to markets, enhancing economic and investment opportunities, and expanding the scope for strategic cooperation, Creates great opportunities in key sectors such as investment, hospitality, aviation, agriculture, construction, renewable energy, petrochemicals and the pharmaceutical industry.
Sheikh Mohammed bin Saeed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander of the Armed Forces witnessed the signing ceremony at a distance. The ceremony took place in the Indian capital, New Delhi, in the presence of the Hon’ble President. Prime Minister of the Republic of India Narendra Modi and His Excellency Abdullah bin Dukh Al-Marri, Minister of Economy and His Excellency Piyush Goyal, Minister of Commerce and Industry of the Republic of India.
According to preliminary estimates, the deal is expected to boost non-oil trade to more than $ 100 billion annually over the next five years, creating huge opportunities for the business community and companies in both countries. It is expected to create tens of thousands of jobs for the talented and highly skilled over the next few years.

Historical agreement
Faisal Al Bunnai, Executive Chairman, EDGE Group, said the historic agreement on a comprehensive economic partnership between the United Arab Emirates and India was a solid foundation for initiating trade and investment alliances between Emirati and Indian companies and paved the way for further partnerships. And Edge Group welcomes this agreement as a strategic collaboration in research, development and technological innovation to contribute to the sustainable development of the national economy through advanced technology and industrialization, which opens up new frontiers for expansion. Because India is an important market and an essential partner for the Group.
The Al-Panna team expressed interest in exploring additional opportunities to collaborate with Indian companies in the areas of knowledge transfer, experience transfer and advanced skills development, particularly the formation of global partnerships which is an essential part of Edge’s future vision. To expand and improve its business and to advance its growth towards new horizons.

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Increase competitiveness
In turn, the Director General of the Dubai Industrial City, South Abu Al Shawreb, said: The United Arab Emirates has for many years established strong and prosperous relations with the Republic of India, and successful bilateral relations have contributed to the attainment and enhancement of economic diversity. The two countries’ competitiveness has resulted in the conclusion of several strategic partnerships. Manufacturing industries. “
South Abu Al Shawreb continued: “The Dubai Business City has always welcomed international companies, small and medium enterprises and ambitious start-ups around the world and supported them to expand their operations by providing improved infrastructure. Between East and West world companies. Indian industrial companies like Himalaya Wellness and Standard Carpets are an integral part of our community and these companies are living proof of our strong relationship with the Indian market. I hope the new agreement will increase investment in this sector and contribute to attracting more Indian companies to trade and invest in Dubai.

Great investment potential
For his part, Yusuf Ali, Chairman of Lulu Group’s Board of Directors and Vice Chairman of Abu Dhabi Business and Industry, said: “This is truly a historic and immortal moment in the course of the extended economic relations between India. And the United Arab Emirates, both mutually important trading partners after the conclusion of the Comprehensive Economic Partnership Agreement between the two friendly countries, enjoying an ambitious and promising economy, prosperous trade and great investment potential and foreign attraction. The signing of this historic agreement will open up promising opportunities for greater cooperation and partnership between the two countries and allow companies in both countries to expand and grow, especially as the UAE is seen as a gateway. It is important for the Middle East and Africa markets, and the volume of non-oil regional domestic trade is expected to reach $ 100 billion a year over the next five years.
As the UAE-based Lulu Group is growing in India, he hopes that as a business group focusing on the retail and food sectors, the deal will help it expand its business and increase imports from India. Way to improve food security in the UAE.

Third largest trading partner
In turn, BNC Menon, Founder and Chairman of the Sofa Group, said: The Governments of the United Arab Emirates and the Republic of India continue to work to strengthen bilateral trade relations between the two countries. The Indian business community welcomes this strategic move that will crown the historic relations between our two friendly countries. We hope that the recently concluded series of agreements between the two countries will contribute to the improvement of economic and trade relations and the integration of bilateral strategic partnerships to serve the common interests of the two countries, as India is the largest trading partner and the UAE’s investment partner, the UAE’s third largest trading partner. There is no doubt that the new bilateral agreements will provide strong impetus to the trade, industry and services sectors and further impetus to business growth. We look forward to the consequences of these agreements on providing more employment and growth opportunities and promoting economic and social development in both countries.

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The largest community living in the country
In turn, Dr. Azad Mobin, Founder and Managing Director, Aster TM Healthcare, said: “I am pleased to see that strategic relations between the United Arab Emirates and India are gaining new momentum day by day, especially with the signing of a historic agreement. The comprehensive economic partnership between the two countries will open new frontiers for the flow of trade and investment between the two trusted markets, he added, adding that the UAE has more than 3.4 million Indian citizens on its land. India is one of the largest trading partners of the country and the United Arab Emirates, and the signing of this historic agreement will facilitate trade, investment and economic ties between the two friendly countries, leading to sustainable integration and joint economic growth.
He expressed his expectation that investment opportunities and trade recovery between the two countries would increase as the United Arab Emirates enjoys one of the best business environments in the world, especially in light of the new offers and offers for investors to be announced within the fifties. The projects, noting that Aster TM Healthcare was born, has grown into a stimulus business environment in the UAE and has expanded from there to many countries over the past 35 years.

Improving market penetration
For his part, Adeeb Ahmed, Managing Director, Lulu Financial Group Holdings, said: “The United Arab Emirates and India have enjoyed historic relations in many fields, and the best relations between the two countries have now seen rapid growth after the signing of the Comprehensive Economic Agreement. This is an important step. ” .
He added: “Inclusive trade activities and enhanced market access are undoubtedly one of the most important pillars of a strong economy, so a comprehensive economic partnership will encourage the investment community in the region and around the world. Contributes greatly to support, and the digital economy sector has seen continued growth with modern technologies and mobile solutions as the sector has benefited from infrastructure development initiatives, thus providing comprehensive opportunities for comprehensive economic partnership development and innovation. The time has come to use the sites and come up with effective payment solutions that will make people’s lives easier. In this regard, I congratulate the leaders of the two countries for signing this historic agreement that will open a new chapter in the process of economic cooperation between the United Arab Emirates and India.

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Trade activities between the two countries
In turn, Irfan Azhar, Chairman of the Board of Directors of Visions Corporation FZC, said: The Comprehensive Economic Partnership Agreement between the United Arab Emirates and India will help enhance trade between the two countries and enhance bilateral relations. This agreement is a great opportunity to collaborate to improve our economy. This historic agreement is expected to accelerate trade between the two countries. ”

Regional and global expansion
For his part, Vikas Saada, CEO of Jumbo Electronics, said: “Our company fully welcomes the signing of the Comprehensive Economic Partnership Agreement between the United Arab Emirates and India, which is an excellent step towards strengthening the already strong bilateral relations between the two countries. Reducing tariffs and implementing changes in specific sectors will benefit companies and consumers in both countries. We hope this agreement will enable companies in both countries to expand regionally and globally. It was announced last September under the umbrella of Fifty Plans, and is overseen by the Supreme Committee for Global Economic Partnership, which aims to expand the borders of the country’s economic partnerships around the world, promoting sustainable growth of the national economy. Over the next ten years it will double from the current 1.4 trillion dirhams to 3 trillion dirhams, raising the volume of current trade transactions with the multi-target markets under plan, which is currently 257 billion dirhams, at a rate of 40 billion annually.