MoU Signed to Enhance Investment and Economic Ties
The UAE-India Business Council-UAE Chapter (UIBC-UC) and the Maharashtra Industrial Development Corporation (MIDC) have announced a strategic partnership to improve bilateral trade and investment relations. The formalization of this deal occurred with the MoU, during an event called “UAE-India: Partnership for Enduring Prosperity” at the Waldorf Astoria in Ras Al Khaimah.
PC: ANI News
The event, part of the larger celebration of India’s 76th Republic Day arranged by the Consulate General of India, was graced by His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, along with other major officials and business lashals.
Strengthening Economic Ties
The partnership aims to create new pathways for investment and trade between the UAE and Maharashtra and deepen collaboration between UIBC-UC members and the state. The MoU is supported by the network of 18 members from UIBC-UC that together administer total assets with a value exceeding USD 1 trillion. These organizations are supposed to play a major role in pushing for economic development and prosperity in both regions.
The content of the MoU is based on a serious framework for cooperation, consistent interaction between the UIBC-UC members and Maharashtra government officials, including the Hon. Chief Minister. The focus will be on simplifying doing business in Maharashtra for UAE companies and encouraging Emirati businesses to invest in the state. The MoU includes the provision of an annual exchange of business delegations between the two regions to strengthen business-to-business relationships.
High-Level Participation
This agreement was signed by Kshitij Korde, Head of Corporate Affairs at UIBC-UC, and P. Velrasu, Chief Executive Officer of MIDC. It was subsequently exchanged between Major General (Retd.) Sharafuddin Sharaf, The Vice Chairman of Sharaf Group & Vice Chairman of UIBC-UC, and Velrasu, in the presence of Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and ruler of Ras Al Khaimah. Also present were Shri Uday Samant, Minister of Industries and Marathi Language, Government of Maharashtra, and H.E. Satish Kumar Sivan, Consul General of India-Dubai and Northern Emirates.
The MoU was preceded by a closed-door meeting that included several key players, namely Uday Samant, Deependra Singh Kushwah-I.A.S., Development Commissioner (Industries), P. Velrasu, Dr. Vijay Rathod, Joint Chief Executive, MIDC, and members of UIBC-UC such as Major General (Retd) Sharafuddin Sharaf, Ankur Gupta from Tata Sons, Neeraj Tekchandani from the Apparel Group, and Pankaj Khandelwal from the EFS Facilities Group.
Vision Towards Future
Faizal Kottikollon, Chairman of UIBC-UC and KEF Holdings, called the memorandum “a key milestone for the economic relations between the UAE and India and a harbinger of new trade and investment opportunities.”
Major General (Retd.) Sharafuddin Sharaf pointed out the investment growth coming from India into the UAE, from $40 billion to $80 billion, and the goal is now to reach $100 billion. He noted that numerous state visits between the two countries in recent years indicate strengthened economic and geopolitical ties manifestly.
This strategic partnership will foster trade, investment, and business collaboration, solidifying the UAE-India relationship.
