CEPA will guide the next phase of growth and development for the economies of both countries.
Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said the UAE and India were exploring mutual business opportunities with an unwavering commitment to further strengthen bilateral economic and trade relations.
As part of his participation in the state delegation visiting India, Al Shorafa noted that the Comprehensive Economic Partnership Agreement (CEPA) – recently signed between the two nations – will guide the next phase of growth and development of the economies of both countries.
Speaking to Emirates News Agency (WAM), he added that India is one of the major trading partners of Abu Dhabi and the UAE, and with CEPA covering 11 service sectors and more than 110 sub-sectors, it is expected to further expand trade benefits, increasing UAE’s imports from India by $14.3 billion by 2030.
“Indian-based businesses and regional markets will benefit from the resulting ripple effect, affirming the UAE’s premier reputation as a gateway to the Middle East and Africa,” said the president of ADDED.
In this regard, he commented, “We encourage Indian and UAE companies to benefit from the opportunities offered by CEPA. In Abu Dhabi, we have developed a favorable business environment, state-of-the-art infrastructure, connectivity and an entrepreneurial spirit to support investors’ growth and development plans. We have launched various initiatives to facilitate trade and ensure the ease of doing business by reducing costs and requirements, simplifying procedures and enabling seamless integration of government services.
“In addition, we provide smart assistance to start-ups and entrepreneurs, as well as funding to strategic partners to support and grow operations. For example, the Abu Dhabi Investment Board’s Innovation Program provides incentives for innovative companies in high-growth areas, including financial services, health services and biopharmaceutical tourism, l ‘AgriTech and ICT. We look forward to continuing the economic successes between our two nations. »
Meanwhile, Jamal Saif Al Jarwan, Secretary General of the UAE International Investors Council (UAEIIC), affirmed that UAE foreign investment in India is focused on nine current and future important sectors. He explained that these sectors include programming and information technology, health, medicine, services, maritime transport, communications, infrastructure and real estate development, Al Jarwan said in a statement to the Emirates News Agency (WAM), during the visit of the UAE delegation to India to activate the Comprehensive Economic Partnership Agreement (CEPA).
Al Jarwan underscored the two countries’ aspiration to foster the volume of foreign investment and business cooperation by pledging to increase flows and capital to future sectors such as artificial intelligence, agricultural technology, environment. green and clean energy. He added that India is a strategic trading partner for the UAE, accounting for 9% of total foreign trade and around 13% of non-oil exports.