Mumbai, India: Speaking to Emirates News Agency (WAM) during his tour to India with the rest of the UAE delegation, Mr. Mohamed Ali Al Shorafa, Chairman of Abu Dhabi Department of Economic Development (ADDED) observed that both the UAE and India are exploring avenues of mutual business opportunities with an unwavering commitment to further build on bilateral economic and trade relations.
Mr. Al Shorafa pointed out that the recently signed UAE – India Comprehensive Economic Partnership Agreement (CEPA) will guide the next phase of growth and development for both countries’ economies.
The ADDED Chairman stated that India is one of Abu Dhabi’s and the UAE’s top trade partners, and with the CEPA covering 11 service sectors and over 110 sub-sectors, it is expected to boost trade benefits further, increasing the UAE imports from India by $14.3 billion by 2030.
India based businesses and regional markets will benefit from the resulting ripple effect, affirming the UAE’s leading reputation as a gateway to the Middle East and Africa.
Mr. Mohamed Ali Al Shorafa highlighted about the deal between both countries.
The ADDED Official elaborated that, “We encourage Indian and UAE businesses to benefit from opportunities provided by the CEPA. In Abu Dhabi, we have nurtured a supportive business environment, advanced infrastructure, connectivity, and an entrepreneurial mindset to support investors growth and development plans. We launched various initiatives to facilitate trade and ensure ease of doing business by reducing costs and requirements, simplifying procedures, and enabling seamless integration of government services.
“Furthermore, we provide smart assistance to start-ups and entrepreneurs, as well as funding to strategic partners to support and upscale operations. As an example, Abu Dhabi Investment Office’s Innovation Program provides incentives to innovative businesses within high-growth areas including Financial Services, Health Services & Biopharma Tourism, AgriTech, and ICT. We look forward to carrying forward the economic success stories between our two nations,” Mr. Al Shorafa concluded.