India-UAE Partnership Summit examines bilateral business opportunities
The India-UAE Partnership Summit was held in Dubai on January 24 at the headquarters of Dubai Chambers.
The summit began with a call from the officials in India and the UAE for forming novel economic partnerships that can foster strategic development plans. It is aimed at developing a mutual understanding and trade links between the two countries.
The event focused on the state of India and UAE's economic relationship and examined bilateral business opportunities in segments including manufacturing and startups, healthcare, agritech and food processing, investment, and fintech.
It explored opportunities in segments including manufacturing, agro-industries, emerging enterprises, food and financial technologies.
The conference was inaugurated by Piyush Goyal, Minister of Commerce and Industry. He noted that the UAE-India Comprehensive Economic Partnership Agreement (CEPA) has stimulated natural growth in sectors including food and agriculture products, gems, and jewellery.
He also mentioned that India is expecting to see its exports reach $1 trillion, adding that bilateral trade will significantly aid the UAE's efforts to double its economy in the coming decade, by 2033.
The Indian minister also added that closer collaboration and entrepreneurial spirit will benefit the two nations. He also highlighted several cooperation prospects, comprising the rupee-dirham trade, leveraging the two nations' startup ecosystems, the virtual trade corridor, and the food corridor.
Sectors including connectivity infrastructure, textiles, waste management, and green energy were regarded as key opportunity areas.
Over 11,000 India-based companies joined the Dubai Chamber of Commerce in 2022. This brought the total number of Indian companies within the Chamber to over 83,000. This was highlighted by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.
Dubai Chamber of Commerce is one of three chambers that is operating under Dubai Chambers.
The summit was organised by the International Business Linkage Forum (IBLF) in collaboration with Dubai International Chamber.
The bilateral trade is expected to reach $88 billion in 2022-23, highlighted Rajiv Podar, Chairman of IBLF.
He also added that CEPA is focused on the SME segment.
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Edited by Kanishk Singh