UAE-India Business Council and Maharashtra Partner to Boost Trade
MoU Signed to Strengthen Economic Ties Between Maharashtra and UAE, Focusing on Key Sectors Like Manufacturing, Tourism, and Hospitality
UAE-India Business Council and MIDC Forge Strategic Partnership to Boost Bilateral Trade and Investment
Dubai [UAE], January 31: A strategic partnership has been established between the Maharashtra Industrial Development Corporation (MIDC), under the Government of Maharashtra, and the UAE-India Business Council – UAE Chapter (UIBC-UC) in an effort to increase trade and investment between the two countries. The partnership was formalized on January 30 at the “UAE – India: Partnership for Enduring Prosperity” event held at the Waldorf Astoria in Ras Al Khaimah, under the auspices of the Consulate General of India, with the signing of a Memorandum of Understanding (MoU).
The MoU, which was signed in front of Ras Al Khaimah’s ruler, His Highness Sheikh Saud Bin Saqr Al Qasimi, intends to improve business relations and encourage more investment between Maharashtra and the United Arab Emirates. This partnership is positioned to create new business opportunities in important industries like manufacturing, tourism, and hospitality by utilizing the enormous potential of both regions.
This partnership is backed by UIBC-UC’s robust network of 18 founding members, which includes major Indian and Emirati businesses with over USD 1 trillion in assets under management. These organizations are strategically positioned to drive economic growth and mutually beneficial outcomes for both the UAE and Maharashtra. To make it easier for UAE businesses to conduct business in Maharashtra, the framework set up under the Memorandum of Understanding (MoU) promotes constant communication between UIBC-UC members and state representatives, including the Chief Minister. In order to strengthen economic ties, the MoU would also facilitate the yearly exchange of business delegations between the two areas and seek to promote investment prospects in Maharashtra for UAE-based companies.
The agreement was signed by Kshitij Korde, Head of Corporate Affairs at UIBC-UC, and P. Velrasu, CEO of MIDC. The exchange of the MoU took place in the presence of notable dignitaries such as Major General (Retd.) Sharafuddin Sharaf, Vice Chairman of UIBC-UC & Sharaf Group, Shri Uday Samant, Minister of Industries and Marathi Language, Government of Maharashtra, and H.E. Satish Kumar Sivan, Consul General of India to Dubai and Northern Emirates.
Before the MoU signing ceremony, a high-level closed-door meeting was held between key stakeholders, including Shri Uday Samant and P. Velrasu, alongside UIBC-UC members, to discuss strategies for advancing the objectives of the partnership. Participants from UIBC-UC included Major General (Retd.) Sharafuddin Sharaf, Ankur Gupta of Tata Sons, Neeraj Tekchandani of Apparel Group, and Pankaj Khandelwal of EFS Facilities Group, among others.
Faizal Kottikollon, Chairman of UIBC-UC and KEF Holdings, commented, “This MoU marks a significant milestone in the enhancement of the UAE-India economic partnership. We are thrilled to collaborate with the Maharashtra government to open up fresh avenues for company expansion and prosperity in both areas.
The significance of this partnership was further underscored by Major General (Retd.) Sharafuddin Sharaf, who pointed out that investments have steadily increased from $40 billion to $60 billion and, most recently, to $80 billion, with a goal of $100 billion. He ascribed this expansion to the two countries’ close diplomatic connections, pointing out that over the previous four to five years, leaders from both countries had visited frequently, further solidifying the geopolitical and economic links between India and the United Arab Emirates.
