The United Arab Emirates (UAE) and India have launched the UAE chapter of the India-UAE Business Council, a move that is expected to strengthen economic ties between the two countries and create new opportunities for trade and investment.
The India-UAE Business Council was established in 2012 as a platform to promote bilateral trade and investment between India and the UAE. The council is composed of business leaders from both countries and works to identify opportunities for collaboration, promote joint ventures, and address barriers to trade and investment.
The establishment of the UAE chapter of the council is a significant step forward in strengthening economic ties between the two countries. The UAE is India’s third-largest trading partner, with bilateral trade between the two countries reaching $59.8 billion in 2019-2020.
The launch of the UAE chapter of the India-UAE Business Council is expected to further enhance bilateral trade and investment between the two countries. The council will work to identify new areas of cooperation and investment, promote business-to-business ties, and provide a platform for the exchange of ideas and best practices.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Piyush Goyal, India Minister of Commerce and Industry, emphasized the importance of the council in promoting economic ties.
“A strong and strategic relationship exists between the UAE and India, based on deep historical ties and shared values.The establishment of the UAE Chapter of the India-UAE Business Council will provide a strong platform to further enhance our bilateral economic and trade relations, and promote greater collaboration between our business communities,” the statement read.
The establishment of the UAE chapter of the India-UAE Business Council comes at a time when both countries are looking to diversify their economies and attract new sources of investment. The UAE has launched a number of initiatives to diversify its economy, including the establishment of free zones, the development of tourism and hospitality industries, and the expansion of its financial services sector.
India, for its part, has launched a number of initiatives to attract foreign investment and boost economic growth, including the “Make in India” campaign, which aims to promote domestic manufacturing and attract foreign investment in key sectors such as automobiles, aviation, and defense.