Abu Dhabi Crown Prince Strengthens Ties At India-UAE Business Forum

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended the India-UAE Business Forum in Mumbai. The event was organised by the UAE Ministry of Economy and the UAE Embassy in India, in collaboration with India's Ministry of Commerce and Industry.

The forum, themed "Beyond CEPA: Innovation and Future Ready Economies," focused on sectors like healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology. During the event, Sheikh Khaled bin Mohamed emphasised the importance of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) in boosting bilateral economic growth.

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Among the agreements signed at the forum was a partnership between Lulu Group and India's Agricultural and Processed Food Export Development Authority to source Indian organic produce for the UAE. Additionally, AD Ports Group collaborated with India's Ministry of Ports on developing a virtual trade corridor between the two nations.

International Resources Holding RSC LTD from the UAE signed a strategic partnership with Oil India Limited to explore opportunities in the mining sector. Global Jet Technic also entered into agreements with InterGlobe Aviation Services, Air India, and Akasa Air to provide aircraft line maintenance services at international airports in the UAE.

G42 showcased its Hindi large language model (LLM), NANDA, designed to benefit local communities and support India's AI ecosystem. This initiative aims to drive advanced technology adoption and foster growth within India's AI sector.

Rorix Holdings signed a cooperation agreement with Adani Ports and Special Economic Zone Limited to integrate advanced technologies into India's infrastructure. They also partnered with the Indian Bullion and Jewellers Association to facilitate precious metals trading.

Economic Collaboration

The Abu Dhabi Chamber of Commerce and Industry teamed up with the Confederation of Indian Industry to enhance investment opportunities for private sectors in both countries. This collaboration aims to exchange economic development information to boost commercial cooperation and industrial growth.

The forum took place as part of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s official visit to India. The UAE delegation was led by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, including senior members from key public and private sectors.

Bilateral Trade Growth

Dr. Thani Al Zeyoudi highlighted that non-oil trade between India and the UAE reached US$28.2 billion in the first half of 2024, marking a 9.8 percent increase compared to 2023 despite global trade declines. He stated that "The figures underline the benefits of the UAE-India CEPA," which has significantly boosted industrial output, employment, and global competitiveness.

The CEPA agreement inaugurated in May 2022 as the UAE’s first bilateral trade deal facilitates greater access for UAE exports entering India by reducing tariffs and enhancing market access for service providers. It also provides opportunities for UAE businesses in Indian government procurement.

The India-UAE Business Forum serves as a platform connecting businesses from both nations directly. It facilitates exploration of cooperation areas between private and public sectors in both countries.

This event underscores both nations' commitment to strengthening economic ties through seamless business ecosystems that promote cross-border trade and market access.

With inputs from WAM