Lulu Group and FICCI sign MoU at the first anniversary of India-UAE economic partnership agreement
The MoU aims to boost India's exports to the UAE.
UAE-based retail group Lulu Group International and the Federation of Indian Chambers of Commerce and Industry (FICCI) signed a memorandum of understanding (MoU) on the first anniversary of the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The MoU aims to boost India's exports to the UAE further.
Khaleej Times reported that after the signing of the CEPA, the bilateral trade between the two countries increased by 27.5% between April and November 2022.
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As per the MoU, Lulu Group and FICCI would work closely to promote new Indian companies and products in the UAE.
Nirankar Saxena, Deputy Secretary General, FICCI, mentioned that the MoU poses a huge opportunity for micro, small and medium enterprises, and startups in India as they expand their businesses to the UAE.
Saifee Rupawala, CEO of Lulu Group International, added that the MoU will further boost the imports of the Lulu Group.
The CEPA between India and the UAE was signed on February 18, 2022. The agreement is expected to boost the total value of bilateral trade in goods to more than $100 billion and trade in services to more than $15 billion in the next five years.
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