ABU DHABI, UAE – The UAE and India share solid relations, said the Abu Dhabi Chamber of Commerce and Industry (ADCCI).
M. A Yusuff Ali, Second Vice Chairman of the ADCCI reaffirmed the solid relations between the UAE and India, saying, “The UAE and India share a long history of solid relations which laid the ground for signing the Comprehensive Economic Partnership Agreement (CEPA) last year.”
He said, “One of the key objectives of the CEPA is to increase trade exchange by 120 percent to US$100 billion over the next five years.”
He made this comment during a meeting organized by the ADCCI at its headquarters, where the Chamber welcomed a high-level delegation from the Federation of Indian Chambers of Commerce & Industry (FICCI).
The meeting was attended by members of the Abu Dhabi Chamber’s Board of Directors, including Masood Rahma Al Masaood, Treasurer; Saeed Ghumran Al Remeithi, Deputy Treasurer, and Nour Al Tamimi, Board Member of the Abu Dhabi Business Women Council.
The Indian delegation, headed by Dr. Gunveena Chadha, Assistant Secretary-General of the FICCI, included high-level representatives from the FICCI as well as representatives of over 30 private companies across a wide range of industries.
They included representatives from agriculture, chemical, electrical equipment, textile, pharmaceuticals, food and beverages, sports equipment, fast-moving consumer goods (FMCG), among others.
Yusuff Ali said, “We are proud of our economic relations with India, centered on mutual respect, friendship, and cooperation.”
He said, “We have worked together on several projects and have signed different agreements to strengthen cooperation in vital industries, including manufacturing, SMEs, energy, IT, digitization, logistics and financial services industries, among others.”
He added, “Our trade history with India confirms the importance of our partnership, especially since India is the UAE’s number one trading partner in terms of non-oil exports, accounting for 14 percent of our total global exports.”
Yusuff Ali said, “In 2021, non-oil trade exchange between the two countries amounted to US$45 billion.”
He said, “We would like to assure you that the Abu Dhabi Chamber is always ready to provide Indian companies with all the support they need to make their business a success.”
Yusuff Ali, who is also the Chairman of Lulu Group, said, “This comes within the Chamber’s newly announced strategy of playing the role of a policy advocator, a networker and service provider to its member companies.”
Dr. Gunveena Chadha, Assistant Secretary General of FICCI, said, “The meeting organized by the Abu Dhabi Chamber serves as an ideal platform for connecting companies in Abu Dhabi and India, and uncovering investment opportunities for the benefit of the two countries.”
He said, “We are keen to drive investment and take part in different projects and agreements, as per the UAE-India CEPA, which marks the beginning of a new era of success for the two countries.”
He added, “I would like to express my appreciation for the active role that the Abu Dhabi Chamber is playing in attracting, supporting and advancing businesses.”
The meeting comes following the Abu Dhabi Chamber’s launch of its new three-year strategy spanning from 2023 to 2025, which focus on serving the Abu Dhabi Economy and solidifying its position as the ‘Voice of the Private Sector’.
The Chamber aims to empower the private sector in the Emirate and enhance its competitiveness, making Abu Dhabi the first choice in the MENA region for doing business by 2025.