RAKEZ And Indian Chamber Forge New Paths For UAE-India Economic Growth With MoU

Ras Al Khaimah Economic Zone (RAKEZ) has formalised a Memorandum of Understanding (MoU) with the Indian Chamber of Commerce (ICC) to bolster business opportunities and economic growth between the UAE and India. The MoU was signed by RAKEZ Group CEO Ramy Jallad and ICC Regional Director Ratheesh Nair.

The partnership aims to provide mutual access and opportunities, linking RAKEZ to the extensive Indian business community through the ICC’s network. Additionally, it offers ICC members valuable prospects to engage with and expand in the UAE market.

Commenting on the collaboration, Jallad stated, "This partnership with the Indian Chamber of Commerce marks a strategic milestone for RAKEZ as we continue to support and facilitate the growth of Indian businesses in the UAE. Our active efforts in promoting the Comprehensive Economic Partnership Agreement (CEPA) with India through roadshows, investor meets, and regular exchanges have laid a strong foundation for developing and maintaining partnerships with more Indian business groups."

ICC plays a crucial role in promoting trade, industry, and commerce within India, especially in the Eastern and North-Eastern regions. It has also established a cooperative framework with the UAE-India CEPA Council, further solidifying its role in bilateral trade facilitation.

Highlighting the importance of the partnership, ICC Director-General Dr. Rajeev Singh said, "The UAE and India have long enjoyed a dynamic trade relationship. This MoU with RAKEZ opens new doors for our members and Indian entrepreneurs to explore and establish their presence in one of the fastest-growing economic zones in the region. We are optimistic about the prospects this partnership holds for Indian enterprises."

The UAE is ranked as India’s third-largest trading partner and second-largest export destination. Within RAKEZ, approximately 6,000 Indian companies are thriving, contributing to a diverse industrial landscape that includes leading firms like Ashok Leyland, Dabur, Mahindra, Royal Gulf Industries, Sejal Glass, Motherson, and Bosco Aluminium.

Recent Delegation Visit

As part of its ongoing mission to support economic partnerships with India, RAKEZ recently hosted a business delegation from the PHD Chamber of Commerce and Industry in Ras Al Khaimah. The delegation included representatives from various sectors such as healthcare, agri-food processing, leather, information technology, and AI.

The delegation explored business opportunities and toured significant locations in the emirate, including Marjan and facilities of key businesses within the economic zone.

With inputs from WAM