Saturday May 14, 2022
CEPA to increase UAE imports from India by $14.3 billion by 2030
CEPA will guide the next phase of growth and development for both countries’ economies.
Mohamed Ali Al Shorafa, Chairman of Abu Dhabi Department of Economic Development (ADDED), has said that the UAE and India are exploring mutual business opportunities with an unwavering commitment to further build on bilateral economic and trade relations.
As part of his participation in the state delegation visiting India, Al Shorafa noted that the Comprehensive Economic Partnership Agreement (CEPA) - signed recently between the two nations - will guide the next phase of growth and development for both countries’ economies.
Speaking to the Emirates News Agency (WAM), he added that India is one of Abu Dhabi’s and the UAE’s top trade partners, and with the CEPA covering 11 service sectors and over 110 sub-sectors, it is expected to boost trade benefits further, increasing the UAE imports from India by $14.3 billion by 2030.
“India based businesses and regional markets will benefit from the resulting ripple effect, affirming the UAE’s leading reputation as a gateway to the Middle East and Africa,” ADDED Chairman stated.
In this regard, he commented, “We encourage Indian and UAE businesses to benefit from opportunities provided by the CEPA. In Abu Dhabi, we have nurtured a supportive business environment, advanced infrastructure, connectivity, and an entrepreneurial mindset to support investors growth and development plans. We launched various initiatives to facilitate trade and ensure ease of doing business by reducing costs and requirements, simplifying procedures, and enabling seamless integration of government services.
“Furthermore, we provide smart assistance to start-ups and entrepreneurs, as well as funding to strategic partners to support and upscale operations. As an example, Abu Dhabi Investment Office’s Innovation Programme provides incentives to innovative businesses within high-growth areas including Financial Services, Health Services & Biopharma Tourism, AgriTech, and ICT. We look forward to carrying forward the economic success stories between our two nations.”
Separately, Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), affirmed that the UAE’s foreign investments in India are focused across nine significant current and future sectors. He explained that these sectors include programming and information technology, health, medicine, services, maritime transport, communications, infrastructure and real estate development, Al Jarwan said in a statement to Emirates News Agency (WAM), during the UAE’s delegation visit to India to activate the Comprehensive Economic Partnership Agreement (CEPA).
Al Jarwan highlighted the two countries’ aspiration to foster the volume of foreign investments and trade cooperation by committing to increasing flows and capital to future sectors such as artificial intelligence, agricultural technology, green environment and clean energy. He added that India is a strategic trading partner for the UAE, representing 9 per cent of the total foreign trade and approximately 13 per cent of non-oil exports.