UAE, India to foster economic growth and bilateral relations

Staff Reporter, Gulf Today

The Second UAE-India Partnership Summit 2024, organised by the International Business Linkage Forum (IBLF) in collaboration with the Dubai International Chamber, concluded successfully on Dec.18th at the Taj Hotel, Business Bay, Dubai.

This high-profile event reinforced the enduring partnership between the UAE and India, focusing on fostering economic growth, innovation, and bilateral collaboration.

The summit featured an impressive lineup of distinguished speakers, including Shri Piyush Goyal, Hon'ble Minister of Commerce & Industry, India; Thani Al Zeyoudi, UAE Minister of State for Foreign Affairs; Sunjay Sudhir, Ambassador of India to the UAE; Rajiv Podar, Chairman, IBLF; Dinesh Joshi, President, IBLF; and Pankaj Savara, Head UAE Chapter, IBLF. Together, they emphasised the pivotal role of the Comprehensive Economic Partnership Agreement (CEPA) in simplifying trade, reducing tariffs, and driving unprecedented growth in bilateral trade, which surpassed $84 billion in 2022-23.

The summit shone a spotlight on key sectors of collaboration, such as renewable energy, fintech, digital transformation, education innovation, and manufacturing, underscoring the immense potential of these areas to drive sustainable growth and economic prosperity. Discussions explored investment opportunities in artificial intelligence, clean energy, and advanced manufacturing while fostering strategic partnerships to create value across industries.
With a shared vision of becoming a $5 trillion economy for India and advancing the UAE’s Vision 2030 agenda, the event reinforced the complementarity of both nations’ strengths.

The outcome of the summit included strategic MOUs, economic insights, and policy recommendations to ease business operations and enhance trade volumes. Business leaders and policymakers highlighted the UAE’s position as India’s third-largest trading partner and India’s prominence as a key partner for the UAE.

Shri Piyush Goyal remarked that the summit is a testament to the shared vision of the two nations for a future rooted in innovation, sustainability, and prosperity, while Thani Al Zeyoudi reaffirmed the UAE’s commitment to deepening this relationship further.

Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said "The UAE and India continue to strengthen our partnership under the landmark CEPA.

At the 2nd India-UAE Partnership Summit, hosted by IBLF, I joined esteemed government officials and business leaders to celebrate its remarkable progress and explore opportunities for deeper collaboration."

"The results speak for themselves: in H1 2024, our non-oil trade reached $28.2 billion, marking a 9.8 per cent year-on-year growth—6.5 times the global average. As we focus on enhancing private-sector engagement in key sectors such as food, logistics, energy, and transport, we are confident of driving even greater growth in 2025."

Sunjay Sudhir, Ambassador of India to the UAE, said: "The robust India-UAE partnership across key sectors such as technology, infrastructure, trade, and investment, highlighting the dynamic and growing collaboration between the two nations."
Rajiv Podar, Chairman, India Business Leaders Forum (IBLF), said: "The potential for collaboration between India and the UAE is immense. India's strong manufacturing base, rapid digital transformation, and expanding consumer market offer unparalleled opportunities for UAE investors. On the other hand, the UAE's strategic position as a global trade hub, combined with its visionary policies in technology, sustainability, and infrastructure, makes it the perfect partner for Indian businesses aiming for international growth. Together, we have the foundation to create a future of shared prosperity and innovation."

Dinesh Joshi, President, India Business Leaders, said "The growing trade between India and the UAE is a testament to the success of our bilateral partnership and the transformative impact of CEPA. At the 2nd India-UAE Partnership Summit, we not only celebrated the remarkable $28.2 billion in non-oil trade during H1 2024 but also envisioned an even brighter future."

Organised by IBLF and supported by the Dubai International Chamber, the summit exemplified the power of collaboration and laid the foundation for a prosperous future. It was not just a business conference but a celebration of the strong partnership between two nations that continue to lead on the global stage with mutual respect and shared ambitions.

The closed door event had delegates including dignitaries from 7 countries.