MoU Signed to Enhance Investment and Economic Ties
The UAE-India Business Council-UAE Chapter (UIBC-UC) and Maharashtra Industrial Development Corporation (MIDC) have recently joined forces to strengthen trade and investment ties between the UAE and Maharashtra. This exciting collaboration was formalized through a Memorandum of Understanding (MoU) signed during the “UAE-India: Partnership for Enduring Prosperity” event, held at the Waldorf Astoria in Ras Al Khaimah.
PC: ANI News
The event, which was part of India’s 76th Republic Day celebrations organized by the Consulate General of India, was attended by His Highness Sheikh Saud Bin Saqr Al Qasimi, the Ruler of Ras Al Khaimah, along with other prominent officials and business leaders.
Strengthening Economic Connections
This partnership aims to create fresh opportunities for investment and trade between the UAE and Maharashtra while enhancing collaboration between UIBC-UC members and the Maharashtra government. UIBC-UC’s network, consisting of 18 members who collectively manage assets worth over USD 1 trillion, will play a key role in driving economic growth and prosperity in both regions.
The MoU establishes a solid framework for ongoing cooperation, with a focus on facilitating business operations for UAE companies in Maharashtra. Additionally, the agreement encourages Emirati businesses to explore investment opportunities in Maharashtra. One of the key elements of this partnership is the annual exchange of business delegations, helping to forge stronger business-to-business relationships between the two regions.
High-Level Participation
The MoU was signed by Kshitij Korde, Head of Corporate Affairs at UIBC-UC, and P. Velrasu, CEO of MIDC. The signing ceremony took place in the presence of Sheikh Saud Bin Saqr Al Qasimi, along with notable figures such as Shri Uday Samant, Maharashtra’s Minister of Industries and Marathi Language, and H.E. Satish Kumar Sivan, Consul General of India in Dubai.
Before the signing, a closed-door meeting was held with several key officials, including Uday Samant, Deependra Singh Kushwah-I.A.S. (Development Commissioner, Industries), and P. Velrasu, along with prominent UIBC-UC members like Major General (Retd) Sharafuddin Sharaf and others from leading companies such as Tata Sons, Apparel Group, and EFS Facilities Group.
Looking Towards the Future
Faizal Kottikollon, Chairman of UIBC-UC and KEF Holdings, described the MoU as a significant milestone in the UAE-India economic relationship. He believes this partnership will open new doors for trade and investment opportunities. Major General (Retd.) Sharafuddin Sharaf also highlighted the increasing flow of investments from India to the UAE, noting that the investment has grown from $40 billion to $80 billion, with a goal of reaching $100 billion.
This partnership marks a new chapter in UAE-India relations, promising to further strengthen trade, investment, and business ties between the two nations.
