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Abu Dhabi Chamber, India's Ficci explore new areas of collaboration

Indian business body keen to drive investment, take part in projects under UAE-India Cepa

Yusuff Ali M.A, Second Vice Chairman of the Abu Dhabi Chamber of Commerce and Industry (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. One of the key objectives of the Cepa is to increase trade exchange by 120 per cent to $100 billion over the next five years."

He was speaking at a meeting organised 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 representatives of more than 30 private companies across a wide range of industries such as agriculture, chemical, electrical equipment, textile, pharmaceuticals, food and beverages, sports equipment, fast-moving consumer goods (FMCG), and others.

Yusuff Ali said: "We are proud of our economic relations with India, centred on mutual respect, friendship, and cooperation. We have worked together on several projects and have signed different agreements to strengthen cooperation in vital industries, including manufacturing, SMEs, energy, IT, digitisation, logistics, and financial services industries, among others.

"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. In 2021 alone, non-oil trade exchange between the two countries amounted to US$45 billion," he pointed out.

"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. This, of course, 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," added Ali, who is also Chairman of Lulu Group.

Chadha said: "The meeting serves as an ideal platform for connecting companies in Abu Dhabi and India, and uncovering investment opportunities for the benefit of the two countries. 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. 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 follows 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". In line with its new strategy, the Abu Dhabi 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.