India and UAE Forge Stronger Economic Ties: Key Agreements Signed
Strengthening Bilateral Relations
New Delhi: During the visit of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Deputy Prime Minister of the UAE, India and the UAE have finalized significant agreements aimed at enhancing their economic collaboration.
One of the major developments includes the establishment of the Indian Institute of Management, Ahmedabad's campus in Dubai, with plans to launch its first MBA program in September 2025. Additionally, the Indian Institute of Foreign Trade will also open its first overseas campus at the India Pavilion in Expo City Dubai.
The agreements also encompass the initiation of construction for Bharat Mart, the unveiling of a 3-D model of the Bharat Mart complex, and the allocation of land for the India-UAE Friendship Hospital in Dubai. Furthermore, plans for developing ship-repair clusters in Kochi and Vadinar have been announced.
An India Office will be established at the Dubai Chamber of Commerce to enhance business connections between the two nations.
The introduction of IIM-Ahmedabad and IIFT campuses in Dubai marks a significant step in educational collaboration, positioning Dubai as a vital hub for prestigious Indian educational institutions. This follows the launch of the first IIT campus in the Middle East in Abu Dhabi last year. These initiatives are expected to benefit the 4.3 million Indians residing in the UAE and the approximately 9 million Indian diaspora in the Gulf region.
The announcements regarding Bharat Mart, the Virtual Trade Corridor (VTC), and the MAITRI interface highlight India's commitment to its trade relationship with the UAE, which has expanded significantly since the Comprehensive Economic Partnership Agreement (CEPA) came into effect. The bilateral trade is projected to exceed $97 billion, with these initiatives aiming to achieve a non-oil trade target of $100 billion, as stated by the Ministry of External Affairs.
India has long been a favored destination for healthcare among UAE residents, including members of the ruling families. 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 Indian workforce in the UAE. This move acknowledges the contributions of millions of Indians to Dubai's growth.
Cochin Shipyard Ltd (CSL) and Drydocks World (DDW), a subsidiary of DP World, have signed a memorandum of understanding to develop ship repair clusters in Kochi and Vadinar, leveraging their combined strengths. This collaboration is expected to introduce global best practices to India's ship repair sector and enhance its capabilities.
The establishment of the India Office at the Dubai Chamber of Commerce underscores the robust investment partnership between India and the UAE. Indian enterprises are among the leading investors in Dubai's tourism, healthcare, retail, and education sectors, consistently ranking as the top non-UAE companies registered with the Dubai Chamber of Commerce.
During a high-level business meeting in Mumbai, the Crown Prince also engaged with Minister of Commerce and Industry Piyush Goyal, discussing the positive impact of the CEPA on bilateral trade growth.
Goyal expressed optimism about the newly signed agreements and their potential to further elevate economic cooperation between the two nations.