June 26th 2024.
On Wednesday, the Ambassador of the United Arab Emirates (UAE) to India, Abdulnasser Alshaali, spoke at a business roundtable meeting in Bhubaneswar, highlighting the crucial role that Odisha has played in supporting the partnership between the two countries.
Abdulnasser praised Odisha for its highly developed minerals and industrial sector, as well as its strong human capital, which have all been of great interest to investors from the UAE. He expressed confidence that the event would provide opportunities for businesses in Odisha to benefit from the economic, trade, and investment opportunities that have arisen from the signing of the Comprehensive Economic Partnership Agreement (CEPA).
The Ambassador also pointed out the rapid growth in trade between the UAE and Odisha, which reached a staggering USD 2.63 billion in the 2023-2024 fiscal year. He emphasized the importance of continuing to strengthen this trading relationship and exploring new avenues for mutual growth. The Indian Chamber of Commerce (ICC) and the UAE-India CEPA Council (UICC) are dedicated to supporting businesses in Odisha in achieving their international trade and investment ambitions.
With its abundant reserves of nickel, bauxite, iron-ore, and coal, Odisha is India's largest producer of steel, stainless steel, ferroalloys, alumina, and aluminium. The state has been actively promoting deeper collaboration in investment and trade with the UAE, leading to the signing of several memoranda of understanding worth USD 2.76 billion in June 2022. This included commitments from the Lulu Group to explore opportunities in establishing hypermarkets, shopping malls, and agriculture and seafood processing hubs in Odisha.
The CEPA continues to play a crucial role in strengthening the economic ties between the UAE and India, with trade between the two countries reaching USD 83.64 billion in the 2023-2024 fiscal year. This significant growth is evident in sectors such as gems and jewellery, drugs and pharmaceuticals, and fruits and vegetables, which saw a rise of 64%, 39%, and 35%, respectively.
The UAE is India's second-largest export destination, third-largest trading partner, and fourth-largest investor. The UICC, which was established in 2024, has been instrumental in harnessing the opportunities created by the CEPA. Its impacts have been far-reaching, attracting billions of dollars in investments and fostering a higher level of business confidence across various industries.
Through the CEPA, market access has become more accessible, and trade barriers have been reduced, leading to a dynamic exchange of goods and investments between the UAE and India. The UICC remains committed to promoting open dialogue, facilitating tangible cooperation, and accelerating trade ties between the two countries to promote mutual growth and prosperity.
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