India-UAE Business Summit 2024 Strengthens Bilateral Ties

India-UAE Business Summit 2024 Strengthens Bilateral

VoM News Desk | January 11, 2024 | 01:16 PM IST | Asia, India, World | Follow on Google News

India-UAE Business Summit 2024 Strengthens Bilateral Ties Image/X@PiyushGoyal

India-UAE Business Summit 2024 Strengthens Bilateral Ties

The India-UAE Business Summit, held as part of the Vibrant Gujarat Global Summit 2024, aimed to bolster ties between the two nations. The inaugural session featured keynote addresses from Union Minister Piyush Goyal, UAE’s Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, and Gujarat Chief Minister Bhupendrabhai Patel. During the session, the UAE-India CEPA Council (UICC) website was ceremonially launched, emphasizing collaborative efforts.

The summit showcased India’s thriving startup landscape, with Kunal Bahl, Chairman of CII National Startup Council, unveiling a report titled “Unlocking Opportunities: India-UAE Start-Up Ecosystem Convergence.” The session, chaired by R Dinesh, President of CII, included addresses from industry leaders Sultan Ahmed bin Sulayem and MA Yusuff Ali, expressing interest in increased investments, particularly in India’s food processing sector.

Discussions during the summit focused on trade finance, investment facilitation, and sectoral collaboration. Noteworthy was the presentation on Bharat Mart, a proposed warehousing facility by India in the UAE to support Indian exporters. Piyush Goyal’s post highlighted the limitless potential of the partnership, reflecting the positive sentiment surrounding the economic collaboration.

The Vibrant Gujarat Global Summit 2024 featured UAE President Sheikh Mohamed bin Zayed Al Nahyan as the chief guest. PM Narendra Modi welcomed Sheikh Mohamed bin Zayed Al Nahyan, emphasizing the strengthening relations between the two nations. The UAE has become India’s third-largest trading partner, with bilateral trade reaching USD 85 billion in 2022. The Comprehensive Economic Partnership Agreement (CEPA), signed in February 2022, has significantly contributed to the growth, reducing tariffs and creating avenues for investment.

PM Modi lauded Sheikh Mohamed bin Zayed Al Nahyan’s encouraging statements, reinforcing the positive trajectory of India-UAE relations. The two countries aim to achieve a USD 100 billion non-oil trade target by 2030, as highlighted in their commitment to continuous economic collaboration and mutual growth. The signing of a Memorandum of Understanding for currency settlement further underscores the confidence and robustness of the bilateral economic ties. The UAE-India Business Summit emerges as a pivotal step towards fostering greater economic cooperation and prosperity between the two nations.

VoM News Desk

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