NRI business community hails pact between UAE, India

Inayat-ur-Rahman, Gulf Today

The UAE and India inked a Comprehensive Economic Partnership Agreement (CEPA) on Friday to further boost bilateral ties.

CEPA, a comprehensive path-breaking trade agreement between the UAE and India, was signed during a virtual summit between His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and India’s Prime Minister Narendra Modi on Friday.

A cross-section of leading Non-Resident Indian (NRI) businessmen warmly welcomed the move, adding that  the landmark deal would take the economic and commercial engagements to the next level.

Dr. Azad Moopen, Founder Chairman & Managing Director, Aster DM Healthcare, told Gulf Today that he was delighted to see the strategic ties between the UAE and India gaining momentum, and with the Comprehensive Economic Partnership Agreement (CEPA), many corridors for trade, investment, services and employment will open up reciprocally.

“The UAE has been second home for over 3.4 million Indians and India’s largest trade partner for many years. The leaders of both countries share an amicable bond and this is just another step towards strengthening ties and the relationship between the two countries. With this agreement, we can expect the business between the two countries to increase exponentially.” Moopen added.

“Many initiatives like the 100% business ownership, long-term residency like the Golden Visa among others have provided a huge encouragement for Indian investors to further expand their investments in the UAE. Trade agreements such as these encourage us to participate in cross-border investments which is beneficial for the citizens of both the countries.”

Aster DM Healthcare was born and brought up in the UAE and has spread to many countries in the last 35 years, especially to India.

Bharat Bhatia, Founder & CEO of Conares, said: “With the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India, countless opportunities have been opened up for investors, businesses, and workers in both countries. The UAE and India have had a long and fruitful trade relationship for several decades now, so this was the logical next step towards strengthening the ties between the two countries.

“The UAE is in many ways, a second India with a population of over 3.4 million Indian residents. Businesses like Conares, one of the largest producers of steel products in the region were able to be built because of such friendly trade relations between the two countries. Trade agreements like the CEPA facilitate further investments between the two countries which benefits everyone.”

Abdul Jebbar PB, Group Managing Director, Hotpack Global, said:  “Business and cultural co-operation between UAE and India have remained strong ever since the UAE was formed. It is well documented that trade routes between the Middle East and India existed centuries ago. The business world had been eagerly looking forward to more strategic moves from both countries to achieve the ambitious $100 billion non-oil trade vision proposed during the recent economic mission between the UAE and India. Such an agreement will bring positive stimulus to business.

“For Hotpack, India offers both export and import opportunities galore which would yield long-term benefits and rethinking from our side for future business investments of higher proportions in India. Although India is currently the UAE’s second largest trade partner, such a move will surely anchor the already strong relations between the UAE and India to all new dimensions enhancing global competitiveness, quality standards and empowering economic development.”

Dr Thumbay Moideen, Founder President, Thumbay Group, said:  “The new bilateral trade agreement, between the UAE and India has deepened the relationship between the two nations, strengthening the overall economic outlook in the coming years. New investments mean strategic growth led by fresh job opportunities, reducing unemployment, and raising the living standards and also catalysing the social progress of the two fastest developing nations in the continent. It’s a historical move and the comprehensive framework will help manufacturers and service providers across all sectors to greatly build and improve two-way investment flows. Lastly, I would like to say we are extremely proud and happy to be in this beautiful country, UAE, and do business here. This is a home away from home and an excellent place to do business.”