The Business Bytes
Bhubaneswar, 26 June 2024 (TBB Bureau): The UAE-India CEPA Council (UICC), in collaboration with the Indian Chamber of Commerce (ICC), convened a high-profile business roundtable with nearly 30 businesses based in Odisha to explore the vast opportunities presented by the UAE-India Comprehensive Economic Partnership Agreement (CEPA).
The UAE delegation, spearheaded by Abdulnasser Alshaali, the UAE Ambassador to India, included prominent figures such as Ahmed Aljneibi, Director of the UICC, Mohammad Haseeb, Strategic Country Manager for India at Ras Al Khaimah Economic Zone (RAKEZ), and Yogpal Singh, Director of Corporate Affairs at DP World.
Highlighting the significance of Odisha to the UAE, Dr. Alshaali remarked, “Odisha has been instrumental in bolstering the UAE-India bilateral partnership. Its advanced minerals and industrial sector, along with robust human capital, are of great interest to UAE investors. We are confident that today’s event will enable businesses in Odisha to capitalize on the myriad economic, trade, and investment opportunities facilitated by the CEPA.”
Ahmed Aljneibi underscored the impressive growth in Odisha’s trade with the UAE, noting, “In the 2023-2024 fiscal year, trade between the UAE and Odisha surged to USD 2.63 billion, positioning Odisha as the UAE’s eighth-largest trading partner among India’s states and union territories. It is crucial that we continue to build on this positive trajectory and explore new pathways for mutual growth. The UICC, in partnership with the ICC, is dedicated to supporting Odisha’s businesses in achieving their international trade and investment goals.”
Odisha stands out as India’s largest producer of steel, stainless steel, ferroalloys, alumina, and aluminium, with significant reserves of nickel, bauxite, iron ore, and coal. In recent years, strategic initiatives have been undertaken to deepen investment and trade collaboration between the UAE and India. Notably, in June 2022, the Government of Odisha signed several memoranda of understanding with UAE companies, valued at USD 2.76 billion. The Lulu Group, in particular, has expressed interest in establishing hypermarkets, shopping malls, and agricultural and seafood processing hubs in the state.
The CEPA has been a cornerstone in enhancing economic ties between the UAE and India, with bilateral trade reaching USD 83.64 billion for the 2023-2024 fiscal year. The agreement has significantly boosted trade in key sectors, with gems and jewellery, drugs and pharmaceuticals, and fruits and vegetables experiencing growth rates of 64%, 39%, and 35%, respectively. The UAE ranks as India’s second-largest export destination, third-largest trading partner, and fourth-largest investor.
Established in early 2024, the UICC has been pivotal in leveraging the opportunities created by the CEPA. The agreement has not only eased market access and reduced trade barriers but has also spurred billions of dollars in investments and fostered increased business confidence across multiple industries. The CEPA has encouraged a dynamic exchange of goods and investments, leading to a diversified and resilient economic partnership between the UAE and India.
The UICC remains committed to fostering open dialogue, facilitating tangible cooperation, and accelerating trade ties between UAE and Indian businesses, thereby cultivating mutual growth and prosperity.
