India, UAE sign key pacts to strengthen economic ties

New Delhi, April 8 (IANS) India and the UAE have signed key agreements to strengthen the bilateral economic partnership during the visit of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE.  

It has been decided to set up the campus of the Indian Institute of Management, Ahmedabad, in Dubai and commence the first MBA programme in September 2025. The first overseas campus of the Indian Institute of Foreign Trade will also be set up at the India Pavilion in Expo City Dubai.

The commencement of construction work of Bharat Mart and the launch of a 3-D rendering of the Bharat Mart complex, grant of land for UAE-India Friendship Hospital in Dubai and the development of ship-repair clusters at Kochi and Vadinar have also been announced among the MoUs that have been signed.

Besides, an India Office will be opened at the Dubai Chamber of Commerce to work on bolstering business links.

The establishment of the first ever overseas campus of the IIM-Ahmedabad and IIFT in Dubai further strengthens the educational cooperation between the two countries and positions Dubai and the UAE as a key regional and global destination for eminent Indian educational institutions. This follows the inauguration of the first ever campus of the IIT in the Middle East in Abu Dhabi last year. These initiatives will benefit the 4.3 million-strong Indian diaspora living in the UAE and around 9 million Indian diaspora in the Gulf Region.

The announcements regarding Bharat Mart and Virtual Trade Corridor (VTC) and the MAITRI interface (to support VTC) reaffirm the importance India attaches to its trade and commercial relationship with UAE, which has grown manifold in recent years following the entry into force of the Comprehensive Economic Partnership Agreement (CEPA). Work on VTC also reaffirms India’s commitment to IMEEC. Bilateral trade, which is expected to cross $97 billion, will receive further impetus through these initiatives and will help achieve the non-oil trade target of $100 billion, according to a statement issued by the Ministry of External Affairs.

India has been a prominent overseas destination for quality healthcare seekers from the UAE. Generations of Emiratis, including those belonging to the ruling families, have benefited from India’s health and wellness ecosystem. As a reciprocal gesture towards this contribution, the Dubai government has announced the allocation of a plot of land for the establishment of a 100-bed ‘India-UAE Friendship Hospital’ in Dubai, focused on affordable healthcare to the blue-collar Indian diaspora in the UAE. It is also a recognition of the contribution of millions of Indians to the development and growth of Dubai, the statement explained.

Cochin Shipyard Ltd (CSL) and Drydocks World (DDW), a DP World Company, signed an MOU to enable the development of ship repair clusters at Kochi, Kerala and Vadinar, Gujarat, synergising their mutual strengths. This is expected to bring global best practices to the ship repair ecosystem in the country and add significant capacities. The MOU also provides for cooperation in potential offshore fabrication opportunities engaging other entities like major ports.

The setting up of the India Office of Dubai Chamber of Commerce is a testament to the strong investment partnership between the two countries. Indian companies are one of the top investors in Dubai’s tourism, hospitality, healthcare, retail, education and entertainment sectors. They continue to top the list of new non-UAE companies registered with the Dubai Chamber of Commerce every year and account for 30-40 per cent of companies registered in Dubai, including the Free Zones, the statement added.

The Crown Prince also met Minister of Commerce and Industry Piyush Goyal during the high-level business meeting in Mumbai. They discussed the contribution of the Comprehensive Economic Partnership Agreement (CEPA) to the rapid growth of bilateral trade.

Goyal welcomed the signing of milestone MoUs and announcements made at the business event and expressed hope that these will further strengthen bilateral economic engagement and take it to unprecedented heights.