On 18th February 2023, UAE-India Business Council-UAE Chapter (UIBC-UC) was launched to boost Bilateral Trade and Investment between India and UAE, commemorating the 1st anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) to strengthen economic ties and to make it easier to achieve the shared goal of enhancing bilateral trade and investment.
- UIBC-UC was launched by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of Sunjay Sudhir, the Ambassador of India to the UAE, Aman Puri, Consul General of India in Dubai, and founding members of the UBIC-UC.
- The 2 countries aim to increase bilateral trade to USD 100 billion and attract USD 75 billion in investment from the UAE to India.
UAE-India CEPA was signed on 18th February 2022 with an aim to boost bilateral trade on both sides and it went into effect on May 1, 2022.
India is now the UAE’s second-largest trading partner, and by 2030, the two nations aim to increase their trade to USD 100 billion.
i. Chairman of UIBC-UC- Faizal Edavalath Kottikollon (Chairman of KEF Holdings)
ii. Co-Chairman of UIBC-UC- Rizwan Soomar (Chief Executive Officer (CEO) & Managing Director (MD) (India Subcontinent) at DP World).
- Major General (Retd.) Sharafuddin Sharaf, Chairman of the UIBC India Chapter, will also hold the position of Vice Chairman of UIBC-UC.
i. The UIBC-UC will be crucial in assisting both governments in accomplishing these objectives and maximizing the potential of the UAE-India relationship.
ii. The UIBC will be crucial in assisting the 2 governments in achieving their joint mission to boost bilateral trade and investment.
iii. The UIBC-UC will serve as the counterpart organisation to the UIBC India Chapter.
- UIBC India Chapter was established in New Delhi, Delhi, on 3rd September 2015 by Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister for Foreign Affairs and International Cooperation, and Sushma Swaraj, then Indian Foreign Minister, during the 11th Session of the UAE-India Joint Commission Meeting.
iv. UIBC-UC has been established with the approval of the Ministries of External Affairs (India) and the Ministry of Foreign Affairs & International Cooperation (UAE).
v. The UIBC-UC has been registered with the Dubai Chamber of Commerce as a legal and financial body and will operate under the direction of the Federation of UAE Chambers of Commerce and Industry.
Member of UIBC-UC:
i. The founding members of the UAE-India Business Council-UAE Chapter (UIBC-UC) from India:
- Conglomerates- TATA, Reliance, and Adani
- Tech innovators- OLA, Zerodha, Udaan, and EaseMyTrip
- Prominent Indian Entrepreneur led corporations based in the UAE- KEF Holdings, Buimerc Corporation, Apparel Group, EFS and Lulu Financial
ii. The UAE’s founding members of the UOBC-UC are Mubadala – Sovereign Wealth Fund of the UAE, Wizz Finance, DP World, EMAAR, Emirates Airlines, and Emirates NBD Bank.