UAE delegation to visit India to explore joint investment under Cepa deal framework

Other News Materials 14 May 2022 06:42 (UTC +04:00)

A high-profile UAE delegation will visit India on Wednesday to explore prospects of joint investment and cooperation within the framework of the UAE-India Comprehensive Economic Partnership Agreement (Cepa), Trend reports citing Khaleej Times.

The visit aims to lay down sustainable mechanisms that empower the business community in both countries to maximise their benefit from the Cepa signed by the two countries in February 2022 and effective from May 1.

The visit will also brief the UAE delegation about the facilities and services that the historic Cepa will provide to companies and businesses in both countries and the opportunities for building new sustainable partnerships that will leverage UAE-India relations to unprecedented levels across various economic sectors.

The agenda will focus on priority sectors for cooperation that remain key dynamic drivers for boosting ties: industrial production, civil aviation, financial services, ICT, food security, transport and infrastructure, logistical services, agri-technology, entrepreneurship, and other future economic sectors.

In India, the delegation will hold a series of discussions with Indian ministers, senior government officials, and private sector leaders on the best ways to facilitate and double non-oil trade exchange under Cepa.

The delegation will also hold expanded meetings with leading Indian businessmen, entrepreneurs, and start-ups in New Delhi.

In Mumbai, Emirati and Indian public and private representatives will gather for the UAE-India Economic Partnership Summit.

The UAE's delegation includes representatives of 41 government and private entities, most notably: the Ministry of Economy, Ministry of Foreign Affairs and International Cooperation, Ministry of industry and Advanced Technology, General Civil Aviation Authority, Abu Dhabi Department of Economic Development, Abu Dhabi Chamber of Commerce and Industry, Dubai Department of Economy and Tourism, DMCC, the Sharjah Investment and Development Authority (Shurooq), and Ras Al Khaimah Economic Zones (RAKEZ), the Department of Economic Development in Fujairah, the UAE International Investors Council, Abu Dhabi Ports Group, Masdar, DP World, Wizz Air Abu Dhabi, flydubai, Lulu Group International, Sharaf Group, Kanoo Group, Silal Company, and others.

Abdullah bin Touq Al Marri, Minister of Economy, will lead the delegation comprising UAE officials, including Dr Ahmed Al Banna (UAE Ambassador to India) along with over 80 representatives from government and private sectors.

India was the second-largest trading partner of the UAE in 2021. It accounted for 9 per cent of the total volume of the UAE's trade with the world, and 13 per cent of the UAE's non-oil exports, while the non-oil foreign trade between the two countries in 2021 reached Dh165 billion, a growth of 66 per cent compared to 2020.