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In a pivotal move to bolster economic ties between the United Arab Emirates (UAE) and India, Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Commerce (ICC) have inked a momentous Memorandum of Understanding (MoU). This landmark agreement, signed by RAKEZ Group CEO Ramy Jallad and ICC Regional Director Ratheesh Nair, marks the dawn of a new era of collaboration to enhance business opportunities and foster economic growth between the two nations.
RAKEZ and ICC Partnership
The partnership between RAKEZ and ICC represents a strategic alliance geared towards facilitating mutual access and opportunities. By leveraging the expansive network of the Indian Chamber of Commerce, RAKEZ aims to provide Indian businesses with a gateway to the UAE market while offering ICC members invaluable prospects for growth and expansion.
Commenting on the significance of this collaboration, RAKEZ Group CEO Ramy Jallad emphasized the strategic importance of strengthening ties with the Indian business community. He stated, “This collaboration with the Indian Chamber of Commerce represents a strategic milestone for RAKEZ as we continue to support and facilitate the growth of Indian businesses in the UAE.”
CEPA and Beyond
RAKEZ has actively promoted the Comprehensive Economic Partnership Agreement (CEPA) with India through various initiatives such as roadshows, investor meetings, and regular exchanges. This concerted effort has laid a robust foundation for developing and maintaining partnerships with Indian business groups, fostering a conducive economic collaboration and growth environment.
ICC: A Catalyst for Trade and Commerce
The Indian Chamber of Commerce (ICC) is a key player in promoting trade, industry, and commerce within India, particularly in the Eastern and North-Eastern regions. With a mission to facilitate bilateral trade facilitation, the ICC has established a cooperative framework with the UAE-India CEPA Council, further solidifying its role in fostering economic partnerships between the two nations.
Benefits for Indian Enterprises
The MoU between RAKEZ and ICC holds immense promise for Indian enterprises seeking to expand their footprint in the UAE market. Dr. Rajeev Singh, Director General of ICC, highlighted the significance of this partnership, stating, “The UAE and India have long enjoyed a dynamic trade relationship. This MoU with RAKEZ opens new doors for our members and Indian entrepreneurs to explore and establish their presence in one of the fastest-growing economic zones in the region.”
India-UAE Trade Dynamics
The UAE is India’s third-largest trading partner and second-largest export destination, underscoring the robust nature of bilateral trade relations between the two countries. Within the dynamic ecosystem of RAKEZ, approximately 6,000 Indian companies are flourishing, contributing significantly to the diverse industrial landscape of the economic zone.
Leading Indian firms such as Ashok Leyland, Dabur, Mahindra, Royal Gulf Industries, Sejal Glass, Motherson, and Bosco Aluminium have established a strong presence within RAKEZ, further cementing the zone’s position as a preferred destination for Indian businesses seeking growth opportunities in the UAE.
PHD Chamber of Commerce Delegation
In line with its commitment to fostering economic partnerships with India, RAKEZ recently hosted a business delegation from the PHD Chamber of Commerce and Industry in Ras Al Khaimah. The delegation, comprising representatives from diverse sectors, including healthcare, agri-food processing, leather, information technology, and AI, explored potential business opportunities and toured key locations within the emirate, including Marjan and the facilities of prominent businesses operating within RAKEZ.
Conclusion
The collaboration between RAKEZ and the Indian Chamber of Commerce heralds a new chapter in the economic relations between the UAE and India. With a shared commitment to fostering business growth and facilitating trade, this partnership holds immense potential for unlocking new opportunities and driving economic prosperity for both nations.
