The Government of UAE has targeted to set up 1 million new companies in UAE within next 10 years
Merchants’ Chamber of Commerce & Industry organised a Special e-Session on “Doing Business with United Arab Emirates” with H.E. Dr. Ahmed Abdul Rahman Albanna, Ambassador Extraordinary and Plenipotentiary Embassy of the United Arab Emirates on February 24, 2022 at 3:00 p.m. on Zoom Platform.
While welcoming the Guest, Shri Mahesh Chandra Keyal, Chairman, Council on Foreign Trade, MCCI in his address appreciated the signing of Comprehensive Economic Partnership Agreement (CEPA) between India and UAE and was hopeful that it will usher in a new era in the bilateral relations between the two. He inquired about the possibilities of cooperation between West Bengal and UAE in the areas of Information Technology, Textile, Electronic goods, Lather products and Food processing and other core areas.
- E. Dr. Ahmed A. R. Albanna, Ambassador Extraordinary and Plenipotentiary Embassy of the United Arab Emirates said that India has been the third largest trading partner of UAE for last 8 consecutive years. The bilateral trade between the two countries has seen tremendous growth registering US$ 185 million in 1980 to US$ 45 bn in 2021.
“The CEPA will come into effect within next one month” – said Dr. Al Banna
- From 2017, both countries have signed a number of different agreements and MOUs to boost up strategic trade relation.
- Referring to the conducive business environment, dynamically changing infrastructure of the UAE, the Ambassador invited Indian companies to cooperate in the areas of Manufacturing, Defence, Food processing, Food Security, Healthcare, IT, Space and Artificial Intelligence.
- His Excellency informed that with strategic location and advanced infrastructural facilities, UAE is considered as a major exporting hub for India. The Government of UAE provides Golden Visa, Green Visa, and Entrepreneur Visa to the foreign citizens to live, work and study in the UAE with 100% business ownership.
- The government of UAE is promoting Start-ups, Fintech, Incubation centre and has invited Indian companies to venture in these areas.
- His Excellency identified leather, IT , Artificial Intelligence as few sectors where UAE and West Bengal can work jointly.
Dr. Al Bannas further mentioned that the Government of UAE relaxed Foreign Ownership of Businesses allowing 100% mainland foreign ownership in UAE. The Government of UAE has targeted to set up 1 million new companies in UAE within next 10 years.
