India-UAE Business Summit Held at 2024 Vibrant Gujarat Global Investor Conclave

The UAE-India Business Summit, under the theme “Two Nations, One Vision,” took place January 10 during the Vibrant Gujarat Global Summit 2024, signifying a significant milestone in their economic collaboration.

The summit witnessed the formal inauguration of the UAE-India CEPA Council (UICC), dedicated to fostering strategic cooperation, specifically in areas such as startups, women entrepreneurs, and MSMEs. Rooted in a mutual dedication to economic advancement, the event underscored the importance of sustainable development and prosperity, with dedicated sessions addressing topics like trade finance and investment facilitation.

Highlighting the significance of the event, UAE’s President His Highness (H.H.) Sheikh Mohamed bin Zayed Al Nahyan served as the chief guest at the Vibrant Gujarat Global Summit 2024, underscoring the increasing cooperation and strengthened relations between the two nations. Indian Prime Minister Shri Narendra Modi extended a warm welcome to H.H. Sheikh Mohamed bin Zayed Al Nahyan, expressing appreciation for his efforts to enhance India-UAE ties.

The Inaugural Session of the India-UAE Business Summit featured keynote addresses from Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles (India), and His Excellency (H.E.) Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ministry of Economy (UAE), along with special remarks from Shri Bhupendra Rajnikant Patel, Chief Minister of Gujarat.

The event also shed light on India’s thriving startup landscape, featuring remarks from Shri Kunal Bahl, Chairman – Confederation of Indian Industry (CII) National Startup Council and Co-founder – Snapdeal and Titan Capital.

A significant aspect of the summit was the launch of the CII India-UAE Start-Up Initiative report titled “Unlocking Opportunities: India-UAE Start-Up Ecosystem Convergence.” Chaired by Shri R Dinesh, President of CII and Chairman of TVS Supply Chain Solutions Limited, the inaugural session included addresses from H.E. Sultan Ahmed bin Sulayem, Chief Executive Officer – DP World, and M.A. Yusuff Ali, Chairman Lulu Group International, expressing their interest in increased investment in the food processing industry in India.

The India-UAE Business Summit also facilitated a focused discussion session to foster cooperation in trade finance, investment facilitation, and sectoral collaboration. The delegations from both countries included representatives from the government and the industry. A presentation on Bharat Mart, a proposed warehousing facility by India in the UAE to support Indian exporters, was part of the session.

India-UAE trade reached US$85 billion in 2022, making the UAE India’s third-largest trading partner for the year 2022-23 and India’s second-largest export destination. The Comprehensive Economic Partnership Agreement (CEPA) signed in February 2022 has played a pivotal role in this growth, reducing tariffs on over 80% of product lines and fostering new avenues for investment and joint ventures.

Within the first 12 months of the CEPA, bilateral non-oil trade reached US$50.5 billion, reflecting a growth of 5.8 percent compared to the corresponding period a year earlier. Both nations are swiftly progressing towards the target of US$100 billion non-oil trade by 2030.

In a significant move, a Memorandum of Understanding was signed in July 2023 to establish a framework promoting the use of local currencies (INR-AED) for cross-border transactions, demonstrating mutual confidence and reinforcing the robustness of the economies in both countries.

The UAE-India Business Summit stands as a pivotal step toward accelerating bilateral economic relations, fostering mutual growth and prosperity between India and the UAE.

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