The India-UAE Business Forum will kick off tomorrow in Mumbai to explore mutually beneficial trade, investment and partnership opportunities between the two countries. Under the theme “Beyond CEPA: Innovation and Future-Ready Economies”, the forum will focus on the potential of healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology.
“The India-UAE Business Forum is another important opportunity to bring our business leaders together to discuss areas of mutual benefit and develop the networks that will support our respective economic growth and diversification objectives,” stated Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
Bilateral non-oil trade growth
Organized by the UAE’s ministry of economy, the UAE embassy in New Delhi, and India’s ministry of commerce and industry, the India-UAE Business Forum will gather government officials, business leaders, industrialists and entrepreneurs. It seeks to leverage the opportunities that the Comprehensive Economic Partnership Agreement (CEPA) created.
The forum will build on the consistent rise in bilateral non-oil trade between the UAE and India, which reached $28.2 billion in the first six months of 2024. That is a significant 9.8 percent increase compared to the same period in 2023.
“The figures underline the benefits of the UAE-India CEPA, which has proved to be a major driver of industrial output, employment, and global competitiveness, and provide the platform for greater collaboration in the months and years ahead,” added Al Zeyoudi.
Private sector opportunities
The India-UAE Business Forum’s panels highlight the abundance of opportunities for the private sectors of both countries. Topics of discussion will include “Healthcare and Biotechnology: Pioneering the Future of Medicine”. This panel will focus on ways the UAE and India can leverage the CEPA to develop partnerships in biotechnology, genomic medicine, and AI-driven healthcare. Moreover, it will focus on digital health and pharmaceutical research.
Another session on AI and emerging technologies seeks to explore how these tools can be developed and the areas that can benefit from them.
Meanwhile, the session “Renewable Energy and Sustainability: Pioneering the Green Revolution” will showcase the UAE’s pioneering efforts in delivering wind, solar, and geothermal solutions across the developing world.
Other sessions will discuss opportunities in logistics and agricultural technology and sustainable farming practices.
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UAE-India CEPA
The UAE-India CEPA was the first part of the UAE’s new foreign trade agenda that sought to strengthen ties with strategically important nations worldwide. Following its implementation in May 2022, businesses in both countries benefitted from reducing or removing tariffs on more than 80 percent of products. In addition, the benefitted from removing unnecessary trade barriers and harmonizing customs regulations and processes.
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