UAE Ambassador visits Surat to boost bilateral relations and explore investment prospects

UAE Ambassador Visits Surat to Strengthen Bilateral Ties and Explore Investment Opportunities

Surat (Gujarat) [India], January 21: The UAE Ambassador to India, Abdulnasser Alshali, visited Surat on Monday to strengthen bilateral ties and explore investment and trade opportunities, an official statement said.

During the visit, Ambassador Alshali participated in a business roundtable conference organised by the South Gujarat Chamber of Commerce and Industry (SGCCI) in collaboration with the UAE-India CEPA Council, the statement said.

The meeting with 50 local companies and senior members of SGCCI, including SGCCI President Vijay Mewawala; SGCCI Global Connect CEO Paresh Bhatt; SGCCI Global Connect President Devkishan Mangani; and SGCCI’s former President Ramesh Vaghasia, highlighted the important role that Surat and the state of Gujarat play in fostering bilateral cooperation between the UAE and India.

The official statement said that the discussions focused on ways to increase investment between UAE and Indian businesses and opportunities to expand current trade levels in key sectors including textiles, manufacturing, gems and jewellery, and agricultural products.

During the roundtable discussion, Ambassador Alshali said, “The state of Gujarat is vital to the broader UAE-India bilateral partnership. With US$32.11 billion in overall trade with the UAE in the fiscal year 2023–2024—38.39% of all trade between the UAE and India during the same time period—Gujarat topped all other Indian states in this regard.

. Leveraging key initiatives such as the UAE-India Comprehensive Economic Partnership Agreement is essential to further expand our trade, economic and investment relations,” the release added.

The visit to Surat provided the UAE Ambassador to India with an opportunity to tour the world’s largest office building, the Surat Diamond Warehouse (SDB), and engage with local diamond traders. During the tour of the stock exchange, Ambassador Alshali met senior members of the SDB management team.

With the implementation of the UAE-India CEPA in May 2022, the two nations’ trade in diamonds and other precious metals has been considerably strengthened, opening up new avenues for collaboration and development. In addition to increasing exports and retail sales, the CEPA has significantly reduced prices and made it possible for Indian jewelers to compete more successfully on the international scene, the journal stated.

The CEPA has, in general, helped to improve the UAE and India’s economic relations. In the 2023–24 fiscal year, trade between the two nations grew by about 15%, from US$72.9 billion in the 2021–22 fiscal year to US$83.64 billion. With these numbers, the UAE is now India’s fourth-largest investor, third-largest commercial partner, and second-largest export market.