India and UAE launch Business Council to boost trade

By

Isabelle Crossley

Published
Feb 21, 2023

India and the United Arab Emirates have launched the UAE chapter of their joint business chamber. Named the UAE India Business Council- UAE Chapter (UIBC- UC), the chapter is designed to foster greater economic ties between the two territories and encourage bilateral investment and trade. 

India and the UAE are celebrating the first anniversary of their Comprehensive Economic Partnership Agreement, signed on February 18, 2022. As part of continued efforts to boost bilateral trade, the UIBC- UC was launched on February 18, 2023 by the UAE’s minister of state for foreign trade Thani bin Ahmed Al Zeyoudi, ET Bureau reported. Others present at the signing of the agreement included India’s ambassador to the UAE Sunjay Sudhir, general counsel of India in Dubai Aman Puri, and founding members of the UIBC- UC. 
 
“The launch today marks a significant milestone in the strengthening of the relationship between the United Arab Emirates and India,” said India’s ambassador to the UAE Sunjay Sudhir, the Press Trust of India reported.

India and the UAE are targeting increasing bilateral trade to total $100 billion. The counsel is also keen to attract $75 billion in investments from the UAE to India. 
 
“This includes investments in large infrastructure projects in India, advancements in manufacturing and technology, and providing Indian manufacturers with the ability to use the UAE as a base for their global expansion,” said KEF Holdings’ chairman Faizal Kottikollon, who has been appointed as the chairman of the UIBC-UC, the Press Trust of India reported.