India-UAE ties envy of the world, Goyal says at business forum

The India-UAE partnership across sectors is a matter of pride for both countries and a matter of envy for the rest of the world, Union commerce and industry minister Piyush Goyal said.

Speaking in the presence of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the UAE-India Business Forum in Mumbai on Tuesday, Goyal referred to the famous tagline from a TV advertisement, “Owner’s pride, neighbour’s envy,” summarizing that the UAE-India partnership is “our pride and will be the envy of the world.”

Goyal said the crown prince’s visit is the sixth such high-level visit in less than a year between UAE and India, showing the importance of the relationship to both countries.”

A total of nine bilateral memorandums of understanding were signed during the meeting, including an agreement between state-run entities to collectively scout for critical minerals across the world.

During the forum, Sheikh Khaled reaffirmed the significance of the UAE-India Comprehensive Economic Partnership Agreement (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.

Leading UAE-based tech firm 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.

In other agreements, Abu Dhabi-based hypermarket retail chain Lulu Group has partnered with the Agricultural and Processed Food Export Development Authority to source and import Indian organic produce in the UAE.

International Resources Holding RSC LTD, a natural resources extractive company based in the UAE, Oil India Limited, Khanij Bidesh India Limited (KABIL) and ONGC Videsh Ltd signed a strategic partnership agreement to combine their expertise to identify, acquire and develop assets on a global scale, including in India.

UAE-based aircraft maintenance organization Global Jet Technic signed agreements with Indian airline firms InterGlobe Aviation Services, Air India and Akasa Air, to provide aircraft line maintenance services for their fleets at airports inside the UAE, including Zayed International Airport.

The 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.

The UAE-India CEPA Council signed two agreements to expand the reach of the CEPA benefits across the business communities of both sides, the first being with the Ras Al Khaimah Economic Zones Authority (RAKZ) and the second with the Abu Dhabi Chamber of Commerce and Industry.

Rorix Holdings, a global trading and trade facilitation firm, signed a cooperation agreement with Adani group firm Adani Ports and Special Economic Zone Ltd to integrate advanced technologies into India’s infrastructure.

The UAE delegation was led by Thani bin Ahmed Al Zeyoudi, the UAE minister of state for foreign trade, and comprised senior members of UAE-based entities representing key public and private sectors.

“The India-UAE Business Forum is another important opportunity to bring our business leaders together to discuss areas of mutual benefit, and develop the networks that will support our respective economic growth and diversification objectives Thani said. “The forum will build on the consistent rise in bilateral non-oil trade, which reached $28.2 billion in the first six months of 2024, or a 9.8% year-on-year increase.”

“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, launched 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.