India-UAE business council launched in Dubai; to boost bilateral trade and investment
By Team Newsable | First Published Feb 18, 2023, 6:17 PM ISTThe UIBC-UC was launched by his excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of the Ambassador of India to the UAE, Sunjay Sudhir, Consul General of India in Dubai, Aman Puri, and founding members of the UBIC-UC.
The India Business Council UAE Chapter (UIBC-UC) was established on Saturday, February 18, to promote bilateral trade and investment between India and the United Arab Emirates (UAE) on the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA). This was done to strengthen economic ties and make achieving the shared objective of enhancing bilateral trade and investment easier.
The UIBC-UC was launched by his excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of the Ambassador of India to the UAE, Sunjay Sudhir, Consul General of India in Dubai, Aman Puri, and founding members of the UBIC-UC.
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The two countries intend to boost bilateral trade to USD 100 billion and attract USD 75 billion in investment from the UAE to India. The UIBC-UC is well-positioned to assist both governments in achieving these goals and realising the full potential of the UAE-India relationship.
The council brings together key partners and stakeholders from both countries by leveraging the two countries' strong bonds. It will provide valuable policy guidance while encouraging innovative collaboration between Emirati and Indian businesses.
Speaking on occasion, His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said that establishing the UAE Chapter of the UAE India Business Council marks a significant moment in the UAE-India relationship. He also said that the Council would be important in assisting the two governments in their joint mission to increase bilateral trade and investment. He believes it will serve as a catalyst for innovative collaboration between our two great nations.
About UIBC-UC,
The UIBC-UC will be 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 His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister for Foreign Affairs and International Cooperation, and Smt Sushma Swaraj, Hon'ble Minister of External Affairs of India. The UAE India Business Council - UAE Chapter (UIBC-UC) was established with the approval of the UAE's Ministry of Foreign Affairs & International Cooperation and the Government of India's Ministry of External Affairs.
The UIBC-UC will operate under the Federation of UAE Chambers of Commerce and Industry supervision and has been registered with the Dubai Chamber of Commerce as a legal and financial entity.
Based in Abu Dhabi, the council will be a pan-UAE body dedicated to promoting trade and investment relations between the UAE and India. Membership in UIBC-UC will be by invitation only, with institutional members being invited gradually.
The council includes representatives from both countries' leading industrial groups and stakeholders, including sovereign wealth funds from the UAE, Wizz Financial, DP World, EMAAR, Emirates Airlines, and Emirates NBD Bank, and large Indian conglomerates such as the Tata Group, Reliance, and Adani, tech innovators such as Ola, Zerodha, and EasyMyTrip. The council brings together top Indian entrepreneurs based in the United Arab Emirates. It represents the two countries' pursuit of significant projects and strategic partnerships. It also encourages foreign investment in India.
Also read: Asia Cup 2023: UAE to host matches for India alongside Pakistan, including possible final - Reports
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