PNN
Dubai [UAE], January 31: In a significant step towards enhancing bilateral trade and investment, the UAE-India Business Council - UAE Chapter (UIBC-UC) and the Maharashtra Industrial Development Corporation (MIDC), Government of Maharashtra, have entered a strategic partnership, formalized through the signing of a MoU.
The MoU was signed during the "UAE - India: Partnership for Enduring Prosperity" event, held at the Waldorf Astoria in Ras Al Khaimah yesterday, aimed at highlighting growing ties between India and the UAE across sectors like manufacturing, tourism, and hospitality. This event was part of a wider celebration of India's 76th Republic Day organized by the Consulate General of India.
* MoU Signed at 'UAE - India: Partnership for Enduring Prosperity' event in the presence of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah
* Aims to Enhance Investment, Facilitate Business and Strengthen Economic Ties Between the UAE and the Indian State
Aimed at opening new doors for investment and trade between the UAE and Maharashtra and fostering deeper collaboration between UIBC-UC members and the state, this powerful partnership is supported by the UIBC-UC's network of 18 founding members, representing a collective force of leading Indian and Emirati businesses. With over USD 1 trillion in assets under management, these organizations are poised to significantly influence the economic growth and prosperity of both regions.
The agreement establishes a comprehensive framework for cooperation, encouraging regular interactions between UIBC-UC members and Maharashtra government officials, including the Hon. Chief Minister of the state. The collaboration will focus on improving the ease of doing business for UAE companies in Maharashtra. Both parties will also work to actively promote investment opportunities in the state to UAE businesses. Moreover, the MoU will facilitate the annual exchange of business delegations between the UAE and Maharashtra, fostering stronger ties and business relationships.
The agreement signed by Kshitij Korde, Head of Corporate Affairs at UIBC-UC and P. Velrasu, CEO of MIDC, was later exchanged between Major General (Retd.) Sharafuddin Sharaf, Vice Chairman of Sharaf Group & Vice Chairman of UIBC-UC & Velrasu, in the presence of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, Shri Uday Samant, Minister of Industries and Marathi Language, Govt of Maharashtra, and H.E. Satish Kumar Sivan, Consul General of India to Dubai and Northern Emirates.
This MoU signing was preceded by a closed-door meeting held between Uday Samant, Minister of Industries and Marathi Language, Govt of Maharashtra; Deependra Singh Kushwah (I.A.S.) Development Commissioner (Industries); P. Velrasu, CEO of MIDC; Dr. Vijay Rathod, Joint Chief Executive Officer of MIDC; and UIBC-UC members including H.E. Maj Gen (Retd) Sharafuddin Sharaf, Vice Chairman of UIBC-UC and Vice Chairman of Sharaf Group; Ankur Gupta, Board Member of UIBC-UC and Head of Corporate Affairs & Growth MENA at Tata Sons; Neeraj Tekchandani, CEO of Apparel Group, representing UIBC-UC Board Member Nilesh Ved; and Pankaj Khandelwal, CFO UAE & India of EFS Facilities Group, representing UIBC-UC Board Member Tariq Chauhan. Kshitij Korde - Head of Corporate Affairs at UIBC-UC, and Neha Sahni - Research Specialist at UIBC-UC, were also present at the meeting.
Faizal Kottikollon, Chairman of UIBC-UC and KEF Holdings remarked, "This MoU marks a major milestone in strengthening the economic relationship between the UAE and India. By working closely with the State of Maharashtra, we aim to unlock new opportunities for trade and investment that will benefit businesses on both sides."
"The state visits between the leaders of both countries in the last 4-5 years have been remarkable, with each side visiting more than four to five times, showing the strength of this relationship. Investments have jumped from $40 billion to $60 billion, then to $80 billion, with a target of $100 billion. This reflects the geopolitical shifts and growing economic ties between India and the UAE," added Major General (Retd.) Sharafuddin Sharaf.
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