Mumbai/New Delhi, Sep 10 (UNI) On the occasion of the official visit of Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan to India, a business event was held in Mumbai today, that saw two important business-related agreements.
Launch of work on the India-UAE virtual trade corridor (VTC) and MAITRI interface to facilitate VTC under the framework agreement between India and the UAE on the India-Middle East-Europe Economic Corridor (IMEEC), a statement said.
•VTC and MAITRI
◦The Virtual Trade Corridor (VTC) will be an integral part of IMEEC. Benefits of VTC include reduction of administrative processes and time, reduction of logistics and transport costs, and enhancing ease of doing business.
◦MAITRI is a Master Application for International Trade and Regulatory Interface that integrates multiple Indian operational portals to facilitate interfacing with UAE portals.
◦It optimises efficiencies, leverages technologies, eases regulatory compliance, streamlines operations and enhances transparency. MAITRI is also scalable, secure, unified and credible.
•IMEEC
IMEEC is an ambitious infrastructure project which will define global connectivity in the decades to come. Following the announcement of the project at the G20 summit in Delhi last September, India and the UAE took a lead in February this year when an Inter-Governmental Framework Agreement to implement IMEEC was signed during PM Modi‘s visit to Abu Dhabi.
The second agreement reached, is an MoU between International Resources Holding RSC LTD, a natural resources extractive company based in the UAE, and a consortium of Oil India Ltd, Khanij Bidesh India Ltd and ONGC India Ltd towards global collaboration in Critical Mineral Supply Chain.
•The MoU provides for cooperation in critical minerals exploration in third countries. It will help boost the supply chain resilience of critical minerals. Critical minerals are key to powering the 21st century digital economy.
India-UAE trade and investment partnership
India-UAE trade reached US$ 84 billion in 2023-24 making UAE India’s third largest trading partner after China and the US. The UAE is also the second largest export destination of India (after the US) with an amount of nearly US$ 36 billion for the year 2023-24.
The UAE’s investment in India between 2000-2023 is estimated to be around US$ 20-21 billion of which US 18.5 billion is in the form of FDI while the remaining is portfolio investment. In 2023-2024, UAE is the 6th biggest FDI investor in India. UAE has also committed to invest US$ 75 billion in India’s infrastructure sector over a period of time, the statement added.
The India-UAE Business Forum in Mumbai was organised by the UAE Ministry of Economy and the UAE Embassy in India, in collaboration with the Ministry of Commerce and Industry in India.
Held under the theme ‘Beyond CEPA: Innovation and Future Ready Economies’, the forum focussed on healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology.
During the forum, Sheikh Khaled reaffirmed the significance of the UAE-India CEPA in stimulating bilateral economic growth, as well as the UAE’s commitment to further developing economic ties with India, enhancing cross-border trade and easing access to key markets through a seamless, business-friendly ecosystem, WAM reported.
He highlighted that the CEPA established between the UAE and India aligns with the leadership’s vision to further strengthen sustainable economic collaboration and development.
During the forum, Sheikh Khaled witnessed the exchange of agreements and launch of initiatives to nurture bilateral economic growth.
During the forum, G42 presented its Hindi large language model (LLM), NANDA, developed to benefit local communities and drive the adoption of advanced technologies and support the growth of India’s AI ecosystem.
Among other agreements, Lulu Group, a hypermarket and supermarket retail chain headquartered in Abu Dhabi, has partnered with the Government of India’s Agricultural and Processed Food Export Development Authority to source and import Indian organic produce in the UAE.
AD Ports Group and the Government of India’s Ministry of Ports, Shipping and Waterways have collaborated on the development of a virtual trade corridor between the UAE and India.
UAE-based aircraft maintenance organisation Global Jet Technic signed agreements with Indian airline companies InterGlobe Aviation Services, Air India and Akasa Air, to provide aircraft line maintenance services for their fleets at international airports inside the UAE, including Zayed International Airport.
Abu Dhabi Chamber of Commerce and Industry and the Confederation of Indian Industry entered a collaboration to enhance investment opportunities for the private sector in both the UAE and India, facilitating exchange of pertinent information on economic development to foster increased commercial cooperation and broaden avenues for economic and industrial growth. The agreement also covers expansion of Abu Dhabi Chamber of Commerce and Industry’s Business Connect Platform.
Finally, Rorix Holdings, a global trading and trade facilitation company, signed a cooperation agreement with Indian logistics company Adani Ports and Special Economic Zone Limited to integrate advanced technologies into India’s infrastructure. Rorix Holdings also partnered with the Indian Bullion and Jewellers Association to facilitate the trading of precious metals.
The UAE delegation at the India-UAE Business Forum was led by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and comprised senior members of UAE-based entities representing key public and private sectors.
Thani Al Zeyoudi said: “The forum will build on the consistent rise in bilateral non-oil trade, which reached US$28.2 billion in the first six months of 2024 – a 9.8 percent increase on the same period in 2023 and set against a marked decline in trade growth around the world in H1 2024.
“The figures underline the benefits of the UAE-India CEPA, which has proved to be a major driver of industrial output, employment and global competitiveness, and provide the platform for greater collaboration in the months and years ahead.”
The UAE-India CEPA, inaugurated in May 2022 as the UAE’s first bilateral trade deal, facilitates greater access for UAE exports entering the Indian market, reduction and removal of tariffs, growth of cross-border trade and increased market access for UAE service providers, as well as enhanced access for UAE businesses to Indian government procurement opportunities.
The India-UAE Business Forum serves as a platform to directly connect UAE businesses and service providers with their India-based counterparts, facilitating exploration of areas of cooperation between the private and public sectors in both nations, WAM reported.
