CEPA to be signed soon, says Amb. Sudhir
Dubai-based businesses, Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial and Noon E-commerce have committed investments for the development of Jammu & Kashmir (J&K) as India and the United Arab Emirates work to conclude a Comprehensive Economic Partnership Agreement (CEPA) with the aim of boosting bilateral trade to US$100 billion in five to eight years, up from $60 billion as of now.
One Letter of Intent was also signed by Magna Waves Pvt Ltd along with Emaar Group and Lulu International at the EXP2020 Dubai on 7 Jan 2022.
The investments are for J&K’s real estate, infrastructure, tourism, healthcare and manpower employment sectors among others.
Dr. Ahmed Abdul Rahman AlBanna, Ambassador at the UAE Embassy in New Delhi elaborated on the potential of collaboration between the two countries.
The envoy said, “The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and India will be crucial in deepening the ties between India and UAE. We are hoping that CEPA will increase our bilateral trade from US$60 billion to US$100 billion in the coming 5 to 8 years.”
“And soon, CEPA will be signed, which certainly has the potential to catapult our economic engagement to a very different trajectory all together,” added Sunjay Sudhir, Ambassador of India to the UAE at the signing of the investment MoUs and LoI.
India is the second largest trading partner for the UAE, which is the third largest trading partner for India after the US and China.
The UAE and India foreign trade was about US$60 billion in 2019-2020.
The J&K Lieutenant Governor, Manoj Sinha pointed out that Jammu & Kashmir is working relentlessly to provide an investment-friendly environment to the global investors.
“From the business point of view, J&K has the capability to provide opportunity to the industries to compete, correct and collaborate with readily available abundant resources. Archaic laws have been removed and more than 890 Central laws, which are the key drivers of socio-economic growth have been made applicable in the last two years,” he informed investors at the expo where Jammu & Kashmir Week (03-13 January) was held.
“India’s participation at the Expo is a testament to the fact that the country values UAE as an esteemed partner. Various States and Sectors in India have understood the importance of the Expo, and the global exposure provided by the event.
“Jammu & Kashmir is privileged to participate at this global event and strengthen its footprint in the UAE,” said Sinha. fiinews.com
