Senior officials and businessmen came together at a UAE-India CEPA Council (UICC) roundtable to boost participation of Odisha-based businesses.
Odisha, a state in the eastern part of India, has a highly developed minerals and industrial sector that can further boost UAE-India trade ties.
The UICC event, in collaboration with the Indian Chamber of Commerce (ICC), saw 30 Odisha-based businesses discuss opportunities to leverage the benefits of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).
The UAE delegation was led by Abdulnasser Al Shaali, the Ambassador of the UAE to India.
“Odisha has played a critical role in supporting the UAE-India bilateral partnership. Its highly developed minerals and industrial sector and strong human capital are of key interest to UAE investors. We are confident that today’s event will serve to ensure businesses in Odisha take advantage of a range of economic, trade, and investment opportunities that have been offered through the signing of the CEPA,” he said.
Rich reserves
Odisha is India’s largest producer of steel, stainless steel, ferroalloys, alumina and aluminium. Moreover, the state holds a significant share of India’s reserves of nickel, bauxite, iron-ore, and coal. Thus, over recent years, constructive steps have been undertaken to develop deeper investment and trade collaboration between the UAE and India.
Addressing the roundtable, Ahmed Aljneibi, director of the UICC, highlighted the rapid growth in Odisha’s total trade with the UAE. “In the 2023-2024 fiscal year, trade between the UAE and Odisha reached $2.63 billion, with Odisha constituting the UAE’s eighth-largest trading partner among India’s 28 states and eight union territories. It is essential that we undertake all efforts to continue to build upon this constructive trading relationship and seek out new avenues for mutually beneficial growth. The UICC, in partnership with the ICC, commits to supporting businesses in Odisha to achieve their international trade and investment ambitions.”
Exploring opportunities
In June 2022, the government of Odisha and UAE companies signed several memoranda of understanding valued at $2.76 billion. Most notably, the Lulu Group committed to exploring opportunities to establish hypermarkets, shopping malls, and agriculture and seafood processing hubs in the state.
Underlining the key role of the CEPA in strengthening economic ties between the UAE and India, trade between the two countries stood at $83.64 billion for the 2023-2024 fiscal year. The importance of the CEPA is exemplified by the substantial trade growth in specific sectors such as gems and jewellery, drugs and pharmaceuticals, and fruits and vegetables, which saw rises of 64 percent, 39 percent, and 35 percent, respectively, over the 2023-24 fiscal year. The UAE is India’s second-largest export destination, third-largest trading partner, and fourth-largest investor.
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