The UAE and India have launched the UAE India Business Council – UAE Chapter (UIBCUC) to strengthen economic ties and support their joint mission to increase bilateral trade and investment. His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, launched the UAE India Business Council – UAE Chapter (UIBC-UC) on February 18, 2023 in Dubai.
With a shared goal of increasing bilateral trade to $100 billion and attracting $75 billion in investment from the UAE to India, the UIBC-UC is well positioned to assist the two governments in achieving their goals and realizing the full potential of the UAE – India relationship.
The council brings together key partners and stakeholders from both countries and will provide valuable policy guidance while encouraging innovative collaboration between Emirati and Indian businesses. The council is poised to drive beneficial growth by leveraging the two countries’ strong bonds, opening up new opportunities for all.
Speaking on this occasion, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade said, “The launch of the UAE Chapter of the UAE India Business Council marks a defining moment in the deepening of the relationship between the United Arab Emirates and India. The council will play a crucial role in supporting the two governments in their joint mission to boost bilateral trade and investment. I am confident that it will serve as a catalyst for innovative collaboration between our two great nations.”
Ambassador Sunjay Sudhir who was present at the launch said, “The launch today marks a significant milestone in the strengthening of the relationship between the United Arab Emirates and India. I extend my sincere congratulations to all the founding members of the UAE India Business Council and look forward to seeing the council’s initiatives drive greater prosperity for both nations.”
UIBC-UC will be the counterpart organisation for the UIBC India Chapter, which was established in New Delhi in 2016 after UIBC was launched by His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Cabinet Member and Minister for Foreign Affairs and International Cooperation and Smt. Sushma Swaraj, Hon’ble Minister of External Affairs of India during 11th Session of the India-UAE Joint Commission Meeting on 3rd September 2015 in New Delhi.
The council is composed of key partners and stakeholders from both countries, including Sovereign Wealth Funds from the UAE and large conglomerates from India such as TATA group, Reliance, and Adani, as well as tech innovators like OLA, Zerodha, and EaseMyTrip.
The council brings together large Indian entrepreneurs based in the UAE and represents a strategic partnership exploring significant projects and initiatives between the two nations. With a focus on large infrastructure projects in India, investments in manufacturing and technology, and the opportunity for Indian manufacturers to use the UAE as a base for global expansion, the council is poised to drive innovation and support both countries in achieving their goals of creating tech unicorns and addressing global challenges.
The founding members of the UIBC-UC from the UAE side are: Mubadala – Sovereign Wealth Fund of the UAE, Wizz Financial, DP World, EMAAR, Emirates Airlines, Emirates NBD Bank. From the Indian side, large conglomerates such as TATA, Reliance, and Adani are represented, as well as tech innovators like OLA, Zerodha, Udaan, and EaseMyTrip, along with prominent Indian entrepreneur led Corporations based in the UAE such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS and Lulu Financial.
H.E. Major General (Retd.) Sharafuddin Sharaf, Vice Chairman of Sharaf Group, Siddharth Balachandran from the Buimerc group, Amir Nagammy from Wizz Financial, Krishnann Kannan from Lulu Exchange, Tariq M Chauhan from EFS facilities services groups, Shivanshu Pandey from EaseMyTrip, Raghu Bhatia from Ola Cabs, Abdulla Naser Al Marzouqi from Mubadala Investment Corporation, Representatives from Tata Group, Reliance, Emirates NBD, were some of the key dignitaries present on the launch of UIBC.
The UAE India Business Council – UAE Chapter (UIBC-UC) has been approved by the UAE’s Ministry of Foreign Affairs & International Cooperation and the Ministry of External Affairs, Government of India. The UAE India Business Council – UAE Chapter (UIBC-UC) will operate under the supervision of the Federation of UAE Chambers of Commerce & Industry and has been registered as a legal and financial entity with the Dubai Chamber of Commerce. UIBC-UC will have its office in Dubai and will focus on promoting trade and investment relations between the UAE and India.
Mr. Faizal Kottikollon of Kef Holdings has been appointed as the Chairman of UIBC-UC, and he said that on, Chairman, KEF Holdings, who has been appointed as the Chairman of UIBC-UC, said that “The council’s focus will be to identify significant strategic projects that can be undertaken by both countries. This includes investments in large infrastructure projects in India, advancements in manufacturing and technology, and providing Indian manufacturers with the ability to use the UAE as a base for their global expansion.”
Major General (Retd.) Sharafuddin Sharaf, the Chairman of the UIBC (India Chapter), will serve as the Vice Chairman of the UAE Chapter of UIBC. Major General (Retd.) Sharaf said, “I am delighted that the UIBC (UAE Chapter) has been established. I look forward to working closely with the UIBC (UAE Chapter) and in my role as the Chairman of UIBC(India) and Vice Chair of this body, I will be glad to be the link between the two bodies. We are certain that with the establishment of this entity, our common objective of increasing two-way Trade and Investment relationships between the two countries will be met in a more effective manner. “
The Consul General of India in Dubai, Dr. Aman Puri, expressed his gratitude to the founding members of the UAE India Business Council (UIBC-UC) for their support in establishing the organization. He highlighted the platform’s significance in providing a space for Emirati and Indian businesses to collaborate, identify new opportunities, and overcome existing challenges.
Dr. Puri emphasised that the council will serve as a force multiplier and a valuable asset for the diplomatic Missions and posts in both countries. The launch of the UAE Chapter today coincides with the first anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries on February 18, 2022, underscoring the deep commitment of both nations to strengthening their economic and business relations.
With participation from key partners and stakeholders from both countries, the council is well-equipped to lead collaborative initiatives in important sectors, unlocking the full potential of the UAE-India relationship and generating greater prosperity for both nations. (AIR)