Odisha is key to the UAE-India partnership, says UAE ambassador
Ambassador Abdulnasser Alshaali Highlights Odisha’s Role in Bilateral Trade at UAE-India CEPA Business Roundtable
Odisha Key in Strengthening UAE-India Economic Partnership, Says UAE Ambassador
Bhubaneswar, Jun 26 (PTI): Odisha has played a critical role in supporting the UAE-India bilateral partnership, said Abdulnasser Alshaali, the Ambassador of the UAE to India, on Wednesday.
Abdulnasser was speaking at a business roundtable meeting organized here on Wednesday by the UAE-India CEPA (Comprehensive Economic Partnership Agreement) Council (UICC), in collaboration with the Indian Chamber of Commerce (ICC).
“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.
Highlighting the rapid growth in Odisha’s total trade with the UAE, he noted that trade between the UAE and Odisha reached USD 2.63 billion in the 2023-2024 fiscal year, with Odisha constituting the UAE’s eighth-largest trading partner among India’s 28 states and eight union territories. This substantial trade volume underscores the significance of Odisha in the broader context of UAE-India economic relations.
“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, is committed to supporting businesses in Odisha to achieve their international trade and investment ambitions,” he added.
Odisha is India’s largest producer of steel, stainless steel, ferroalloys, alumina, and aluminum. The state holds a significant share of India’s reserves of nickel, bauxite, iron ore, and coal. This wealth of natural resources makes Odisha an attractive destination for UAE investors looking to diversify their portfolios and secure reliable sources of raw materials.
Over recent years, constructive steps have been undertaken to develop deeper investment and trade collaboration between the UAE and India. In June 2022, several memoranda of understanding, valued at USD 2.76 billion, were signed between the Government of Odisha and UAE companies. Most notably, the Lulu Group committed to exploring opportunities to establish hypermarkets, shopping malls, and agriculture and seafood processing hubs in the state. These agreements signify a strong commitment to enhancing economic ties and fostering a collaborative environment for business growth.
Underlining the key role of the CEPA in strengthening economic ties between the UAE and India, trade between the two countries stood at USD 83.64 billion for the 2023-2024 fiscal year. The CEPA has been instrumental in facilitating this growth by reducing trade barriers and opening up new markets for both countries.
The importance of the CEPA is exemplified by the substantial trade growth in specific sectors such as gems and jewelry, drugs and pharmaceuticals, and fruits and vegetables, which rose to 64 percent, 39 percent, and 35 percent, respectively, over the 2023-24 fiscal year. These impressive figures highlight the CEPA’s role in driving economic diversification and sectoral growth.
The UAE is India’s second-largest export destination, third-largest trading partner, and fourth-largest investor. This strong economic relationship is a testament to the success of initiatives like the CEPA and the efforts of organizations such as the UICC.
The UICC, established in early 2024, has played a pivotal role in harnessing the opportunities created by the signing of the CEPA. By fostering open dialogue, facilitating tangible cooperation, and accelerating trade ties between UAE and Indian businesses, the UICC is dedicated to cultivating mutual growth and prosperity.
The impacts of the CEPA have been profound, catalyzing billions of dollars in investments and fostering a heightened level of business confidence that spans multiple industries. The agreement has not only facilitated easier market access and reduced barriers to trade but has also encouraged a dynamic exchange of goods and investments, leading to a diversified economic partnership between the UAE and India.
The UICC’s efforts are directed towards ensuring that businesses in Odisha and across India can leverage these opportunities to achieve their international trade and investment ambitions. By providing a platform for collaboration and dialogue, the UICC is helping to build a robust and resilient economic partnership that benefits both countries.
The UAE ambassador’s remarks at the business roundtable meeting highlight the significant role that Odisha plays in the UAE-India bilateral partnership. With its rich resources and strong industrial sector, Odisha is well-positioned to attract UAE investment and enhance economic ties between the two countries. The ongoing efforts of the UICC and the positive impact of the CEPA are driving this partnership forward, creating new opportunities for growth and collaboration.
