Ras Al Khaimah Economic Zone (RAKEZ) has signed a memorandum of understanding (MoU) with the Indian Chamber of Commerce (ICC) with the aim of enhancing business opportunities and fostering economic growth between the UAE and India. RAKEZ Group CEO Ramy Jallad and ICC regional director Ratheesh Nair signed the agreement, which facilitates mutual access and opportunities for both countries.
The partnership seeks to connect RAKEZ to the expansive Indian business community through the ICC’s network. In addition, it provides members of the Indian Chamber with valuable opportunities to engage with and grow in the UAE market.
“Our active efforts in promoting the Comprehensive Economic Partnership Agreement (CEPA) with India through roadshows, investor meets and regular exchanges have laid a strong and reliable foundation for developing and maintaining partnerships with more Indian business groups,” commented Jallad.
Boosting bilateral trade facilitation
India’s ICC plays a major role in promoting trade, industry and commerce within India. It is particularly active in the Eastern and North-Eastern regions. With its cooperative framework with the UAE-India CEPA Council, the chamber has further solidified its role in bilateral trade facilitation.
For his part, Dr. Rajeev Singh, director-general of the Indian Chamber, said: “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.”
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UAE India’s third-largest trading partner
Notably, the UAE has emerged as India’s third-largest trading partner and second-largest export destination. RAKEZ alone hosts close to 6,000 Indian companies that are contributing to the UAE’s diverse industrial landscape. Further supporting its economic partnership with India, RAKEZ recently hosted a business delegation from the PHD Chamber of Commerce and Industry in Ras Al Khaimah. The delegation explored business opportunities and toured significant locations in the emirate.
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