Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, participated in the India-UAE Business Forum held in Mumbai, India. The event was jointly organized by the UAE Ministry of Economy and the UAE Embassy in India, in collaboration with the Ministry of Commerce and Industry in India. Under the theme "Beyond CEPA: Innovation and Future Ready Economies," the forum delved into key sectors such as healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology.
During the forum, Sheikh Khaled emphasized the pivotal role of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) in fostering bilateral economic growth. He also reiterated the UAE's dedication to deepening economic relations with India, promoting cross-border trade, and simplifying market access through a seamless, business-friendly environment. He noted that the CEPA aligns with the leadership's vision to bolster sustainable economic collaboration and development.
The forum witnessed the signing of several agreements and the launch of initiatives aimed at nurturing bilateral economic growth. Notably, G42 unveiled its Hindi large language model (LLM), NANDA, designed to benefit local communities and drive the adoption of advanced technologies, thereby supporting the growth of India's AI ecosystem. Additionally, Lulu Group, a prominent retail chain based in Abu Dhabi, partnered with the Government of India's Agricultural and Processed Food Export Development Authority to source and import Indian organic produce into the UAE.
Other significant collaborations included AD Ports Group and the Government of India's Ministry of Ports, Shipping and Waterways working together to develop a virtual trade corridor between the UAE and India. International Resources Holding RSC LTD, a UAE-based natural resources company, and Oil India Limited signed a strategic partnership agreement to explore opportunities in the mining sector. Furthermore, UAE-based Global Jet Technic inked agreements with Indian airlines InterGlobe Aviation Services, Air India, and Akasa Air to provide aircraft line maintenance services at international airports within the UAE, including Zayed International Airport.
The Abu Dhabi Chamber of Commerce and Industry and the Confederation of Indian Industry also entered into a collaboration to enhance investment opportunities for the private sector in both countries, facilitating the exchange of relevant information on economic development to foster increased commercial cooperation and expand avenues for economic and industrial growth. This agreement also includes the expansion of the Abu Dhabi Chamber of Commerce and Industry's Business Connect Platform.
Lastly, Rorix Holdings, a global trading and trade facilitation company, signed a cooperation agreement with Indian logistics firm 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 was part of a 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 included senior representatives from key public and private sector entities in the UAE. Dr. Thani Al Zeyoudi highlighted that the forum provided another crucial opportunity to unite business leaders to discuss mutual benefits and develop networks that support economic growth and diversification objectives.
The forum builds on the consistent increase in bilateral non-oil trade, which reached $28.2 billion in the first half of 2024, marking a 9.8 percent rise from the same period in 2023, despite a global decline in trade growth. These figures underscore the benefits of the UAE-India CEPA, which has proven to be a significant driver of industrial output, employment, and global competitiveness, paving the way for greater collaboration in the future.
The UAE-India CEPA, launched in May 2022 as the UAE's first bilateral trade deal, facilitates increased access for UAE exports into the Indian market, reduces and removes tariffs, boosts cross-border trade, enhances market access for UAE service providers, and improves 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 Indian counterparts, facilitating exploration of cooperation areas between the private and public sectors in both nations.
