India and UAE Forge Essential Agreements to Bolster Economic Relations

New Delhi, April 8 (NationPress) India and the UAE have formalized essential agreements to enhance their economic collaboration during the visit of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE.

As part of these agreements, a campus of the Indian Institute of Management, Ahmedabad, will be established in Dubai, with the inaugural MBA program set to launch in September 2025. Additionally, the first international campus of the Indian Institute of Foreign Trade will be created at the India Pavilion in Expo City Dubai.

The agreements also include the initiation of construction for Bharat Mart and the unveiling of a 3-D model of the Bharat Mart complex, the allocation of land for the UAE-India Friendship Hospital in Dubai, and the establishment of ship-repair clusters in Kochi and Vadinar.

Moreover, an India Office will be inaugurated at the Dubai Chamber of Commerce to enhance business connections.

The creation of the first overseas campus of IIM-Ahmedabad and IIFT in Dubai significantly boosts the educational collaboration between the two nations, positioning Dubai as a pivotal regional hub for prestigious Indian educational institutions. This initiative follows last year’s opening of the first IIT campus in the Middle East, located in Abu Dhabi. These developments will greatly benefit the approximately 4.3 million Indians residing in the UAE and the 9 million Indian diaspora in the Gulf.

Recent announcements regarding Bharat Mart and the Virtual Trade Corridor (VTC), along with the MAITRI interface to support VTC, highlight India's commitment to its trade relations with the UAE, which have expanded significantly since the implementation of the Comprehensive Economic Partnership Agreement (CEPA). The VTC initiative also underscores India's dedication to the IMEEC. Bilateral trade, projected to exceed $97 billion, is expected to gain further momentum through these initiatives, supporting the ambitious non-oil trade target of $100 billion, as stated by the Ministry of External Affairs.

India has been a sought-after destination for quality healthcare for many from the UAE. Generations of Emiratis, including members of ruling families, have accessed India’s health and wellness services. In recognition of this, the Dubai government has allocated land for a 100-bed ‘India-UAE Friendship Hospital’ in Dubai, aimed at providing affordable healthcare to the blue-collar Indian community in the UAE, acknowledging their significant contributions to Dubai's growth.

Cochin Shipyard Ltd (CSL) and Drydocks World (a DP World Company) have signed an MOU to develop ship repair clusters at Kochi, Kerala, and Vadinar, Gujarat, enhancing their collaborative strengths. This partnership is expected to introduce global best practices to the ship repair sector in India and increase capacity. The MOU also includes collaboration on potential offshore fabrication projects involving other entities like major ports.

The establishment of the India Office at the Dubai Chamber of Commerce reflects the robust investment partnership between both nations. Indian firms rank among the top investors in Dubai’s tourism, hospitality, healthcare, retail, education, and entertainment sectors. They consistently lead in the number of new non-UAE companies registered with the Dubai Chamber of Commerce yearly, accounting for 30-40% of all registered businesses in Dubai, including within Free Zones.

During a high-level business meeting in Mumbai, the Crown Prince also met with Minister of Commerce and Industry Piyush Goyal. They discussed how the Comprehensive Economic Partnership Agreement (CEPA) has fueled the rapid expansion of bilateral trade.

Goyal expressed enthusiasm over the signing of significant MoUs and announcements made at the business event, foreseeing that these developments will further reinforce bilateral economic collaboration and elevate it to new heights.