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Nurturing bilateral prosperity

Discover how the UAE-India Business Council - UAE Chapter catalyses economic growth and fosters cultural harmony, driving bilateral relations to new heights of success and collaboration

Published: Thu 15 Feb 2024, 11:47 AM

Updated: Thu 15 Feb 2024, 2:43 PM

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Lets take a closer look at the INTERVIEW by Sanjeev Dutta, CEO, UAE-India Business Council - UAE Chapter's impact and vision.

Could you provide an overview of the UAE India Business Council - UAE Chapter and its primary objectives?

The UAE – India Business Council – UAE Chapter (UIBC-UC), established in February 2023 under the patronage of the Ministry of External Affairs of India and the UAE Ministry of Foreign Affairs, is dedicated to bolstering bilateral non-oil trade and investment between our nations. As we celebrate our first anniversary, we are not just commemorating a year of significant achievements and partnerships but also marking the anniversary of the Comprehensive Economic Partnership Agreement (CEPA). This parallel celebration underscores the synergy between UIBC-UC's mission and the broader goals of CEPA, reinforcing our commitment to facilitating a thriving economic relationship. Launched by Dr Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, alongside prominent dignitaries, and 19 founding members managing assets over $1 trillion, UIBC-UC, chaired by leaders from prestigious organisations, strives to meet ambitious targets, including increasing bilateral non-oil trade to $100 billion and facilitating substantial investments by 2030. Our anniversary is a moment of reflection on our progress and a renewed pledge to deepen the economic ties that our council and CEPA collectively cherish and uphold.

How has UIBC-UC impacted bilateral trade and investment between the UAE and India in recent years?

UIBC-UC has made significant strides in bolstering bilateral trade and investment between the UAE and India, focusing on identifying and creating marquee projects and foundational infrastructure to enhance non-oil trade. Within a year of its inception, UIBC-UC facilitated a landmark project by encouraging Emaar, a founding member, to invest in the Union Territory of Jammu and Kashmir, leading to the development of the Mall of Srinagar. This initiative not only marks a major foreign direct investment in the region but also garnered interest from UIBC-UC's consortium of 19 founding members, exploring further investment opportunities. Additionally, UIBC-UC's Chairman, Faizal Kottikollon, demonstrated commitment to social development by initiating the construction of the first sustainable school for girls in Srinagar during a delegation visit for the project's groundbreaking. These efforts underscore UIBC-UC's role in fostering impactful economic and social investments, contributing to the ambitious goal of increasing bilateral non-oil trade.

What are some of the most notable achievements or successful projects facilitated by UIBC-UC?

In its inaugural year, the UIBC-UC has catalysed significant achievements, notably:

- Hosting a roundtable with India's Commerce Minister, Piyush Goyal, and UAE's Foreign Trade Minister, Dr Thani Al Zeyoudi, focusing on India-UAE trade enhancement. During this roundtable, key officials and UIBC-UC members discussed flagship projects, notably Bharat Bazaar, sharing concerns and perspectives. These efforts are directed towards creating collaborative projects, enhancing trade relations, and promoting growth in sectors such as tourism, demonstrating the Council's commitment to strengthening international business ties.

- Closed-door meetings comprising of high-level discussions with key officials from various Indian states such as Hon. Chief Minister of Uttarakhand, Pushkar Singh Dhami, Minister of State, Government of Gujarat (India), Harsh Sanghavi, Chief Minister of Himachal Pradesh, Sukhwinder Singh Sukhu were facilitated by UIBC-UC to explore investment opportunities in Uttarakhand, evaluate potential areas of partnership between UIBC-UC members and the state of Gujarat, and focus on tourism collaboration and growth in Himachal Pradesh. Additionally, meetings were even facilitated between UIBC-UC members and the Hon. Cabinet Minister of Telangana, Mr. K.T. Rama Rao.

The Council has also been instrumental in organising exclusive roundtable discussions and luncheon meetings such as with the CII CEO’s delegation accompanying HCIM India to align on CEPA's framework and to boost non-oil trade between the two nations.

To enhance economic partnerships among India, Israel, the UAE and the USA, the council played a crucial role in the formation of the I2U2 Coalition.

These efforts underscore UIBC-UC’s impactful role in fostering economic growth, enhancing trade relations, and promoting international collaborations.

Are there any challenges that UIBC-UC faces in fostering UAE-India business relations and how are these being addressed?

Despite the flourishing state of UAE-India business relations, UIBC-UC has identified opportunities for improvement in data harmonisation across all engaged parties. Recognising discrepancies in data as an opportunity rather than a challenge, UIBC-UC is proactively working to consolidate relevant information into a centralized format. This initiative aims to ensure accuracy and consistency in data shared between the two nations, enhancing transparency and efficiency. Through collaboration with various stakeholders and the publication of white paper reports, UIBC-UC is committed to strengthening the business ties between the UAE and India by addressing these opportunities with innovative solutions.

Are there any upcoming projects or initiatives that UIBC-UC is particularly excited about?

The UAE-India Business Council (UIBC-UC) is at the forefront of nurturing the dynamic and active UAE-India corridor, a vital trade and diplomatic conduit in this region. Our engagements transcend everyday trade, facilitated by frequent interactions between the leadership of both nations, paving the way for a multitude of opportunities.

We are particularly enthusiastic about the Bharat Bazar/Bharat Park project, a landmark initiative designed to showcase the pinnacle of 'Make in India' exports within the expansive trade ecosystem of the GCC and MEA regions, using Dubai as the strategic launchpad. This ambitious project, encompassing a comprehensive goods showroom and warehouse facility in JAFZA, is a collaboration between DP World and the Government of India. UIBC-UC is proud to be instrumental in this venture, reflecting our commitment to strengthening the trade relations between the UAE and India.

Beyond infrastructure projects like Bharat Bazar/Bharat Park, our focus extends to knowledge enhancement. We are dedicated to publishing in-depth white papers that shed light on the mutual opportunities available to both countries, reinforcing our role as a pivotal source of insight and guidance in this thriving trade corridor.

We have numerous other exciting initiatives in the pipeline aimed at further enriching the UAE-India trade relationship, and we look forward to contributing significantly to its growth and prosperity.

In what ways does UIBC-UC engage with the business communities in both countries to promote bilateral relations?

As the sole official joint chamber established under the patronage of both governments, we are privileged to engage not only with our esteemed 19 founding members, who are luminaries in their respective industries but also to maintain a close working relationship with the Indian Embassy and Consulate General in the UAE.

Our efforts to enhance bilateral business relations are multifaceted. We actively facilitate business engagements for incoming delegations, which include hosting roundtable discussions with high-profile leaders such as Piyush Goyal and Dr Thani bin Ahmed Al Zeyoudi. These engagements provide valuable platforms for direct dialogue, including private meetings with various chief ministers and state delegations.

Furthermore, UIBC-UC has achieved significant milestones, such as signing a Memorandum of Understanding with the US Department of State, marking our recognition as the official I2U2 Business Council. We are also proud supporters of key events that bolster India-UAE ties, including the India Global Forum UAE Event in November 2023.

Through these initiatives and collaborations, UIBC-UC is dedicated to strengthening the economic and trade relationships between our two countries, paving the way for a prosperous future.

How does UIBC-UC balance the cultural aspects with the economic objectives of its operations?

The UAE-India Business Council (UIBC-UC) adeptly navigates the intricate interplay between cultural affinity and economic ambitions, recognizing the deeply intertwined histories and mutual respect that have long characterised the relationship between the UAE and India.

At the heart of our operations lies the commitment to nurturing responsible and sustainable trade growth, underpinned by a profound appreciation for our shared cultural heritage. We consider the cultural and economic dynamics not as separate entities but as complementary forces that enrich our bilateral engagement. UIBC-UC is dedicated to advancing this holistic approach, ensuring that our initiatives honour and reflect the deep-seated connection and mutual understanding between our two nations, fostering an environment where economic collaborations thrive alongside cultural exchanges.

What advice would UIBC-UC give to entrepreneurs and businesses in India and the UAE looking to expand into each other's markets?

We strongly advise entrepreneurs and businesses in both India and the UAE to undertake meticulous market research and demand analysis before venturing into each other's markets. A strategic approach to understanding the market dynamics and consumer preferences is essential for successful market entry and expansion.



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