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Look: Abu Dhabi Crown Prince attends India-UAE Business Forum in Mumbai

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan witnessed the exchange of agreements and launch of initiatives to nurture bilateral economic growth

Published: Tue 10 Sep 2024, 7:24 PM

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  • WAM

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Photos: WAM

Photos: WAM

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended the India-UAE Business Forum in Mumbai, India.

The event is organised by the UAE Ministry of Economy and the UAE Embassy in India, in collaboration with the Ministry of Commerce and Industry in India.

Held under the theme "Beyond CEPA: Innovation and Future Ready Economies", the forum focused on healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology.

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During the forum, Sheikh Khaled reaffirmed the significance of the UAE-India 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.

He highlighted that the CEPA established between the UAE and India aligns with the leadership's vision to further strengthen sustainable economic collaboration and development.

During the forum, the Abu Dhabi Crown Prince witnessed the exchange of agreements and launch of initiatives to nurture bilateral economic growth.

During the forum, 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.

Among other agreements, Lulu Group, a hypermarket and supermarket retail chain headquartered in Abu Dhabi, has partnered with the Government of India's Agricultural and Processed Food Export Development Authority to source and import Indian organic produce in the UAE.

AD Ports Group and the Government of India's Ministry of Ports, Shipping and Waterways have collaborated on the development of a virtual trade corridor between the UAE and India.

International Resources Holding RSC LTD, a natural resources extractive company based in the UAE, and Oil India Limited signed a strategic partnership agreement to collaborate on opportunities in the mining sector.

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

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.

Finally, Rorix Holdings, a global trading and trade facilitation company, signed a cooperation agreement with Indian logistics company Adani Ports and Special Economic Zone Limited to integrate advanced technologies into India's infrastructure. Rorix Holdings also partnered with the Indian Bullion and Jewellers Association to facilitate the trading of precious metals.

The forum took place as part of a diverse and comprehensive agenda during Sheikh Khaled's official visit to India.

The UAE delegation at the India-UAE Business Forum was led by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and comprised senior members of UAE-based entities representing key public and private sectors.

Dr. Thani Al Zeyoudi said, "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.

"The forum will build on the consistent rise in bilateral non-oil trade, which reached US$28.2 billion in the first six months of 2024 – a 9.8 percent increase on the same period in 2023 and set against a marked decline in trade growth around the world in H1 2024.

"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, inaugurated 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.

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