India-UAE significant deals and strategic collaborations were announced at the India-UAE Business Forum held in Mumbai, which saw the presence of HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. The forum was a key event for advancing economic ties between the two nations.
The event featured the introduction of G42’s Hindi large language model (LLM), named Nanda.
This initiative aims to support local communities and bolster the growth of India’s AI sector by promoting the adoption of cutting-edge technologies. Several notable agreements emerged from the forum:
Lulu Group, headquartered in Abu Dhabi, has partnered with the Government of India’s Agricultural and Processed Food Export Development Authority. This collaboration will see Lulu Group importing organic produce from India to the UAE.
AD Ports Group and the Indian Ministry of Ports, Shipping and Waterways are set to develop a virtual trade corridor, enhancing trade connectivity between the UAE and India.
International Resources Holding, a UAE-based natural resources company, has entered into a strategic partnership with Oil India Limited to explore opportunities in the mining sector.
Global Jet Technic, a UAE aircraft maintenance organization, has signed agreements with Indian airlines including InterGlobe Aviation Services, Air India, and Akasa Air to provide aircraft line maintenance services at UAE airports, including Zayed International Airport.
Abu Dhabi Chamber of Commerce and Industry and the Confederation of Indian Industry have agreed to boost investment opportunities and facilitate economic cooperation between the UAE and India. This partnership will expand the Abu Dhabi Chamber’s Business Connect Platform.
Rorix Holdings, a global trading firm, has partnered with Adani Ports and Special Economic Zone Limited to incorporate advanced technologies into India’s infrastructure. Additionally, Rorix Holdings will work with the Indian Bullion and Jewellers Association to support the trading of precious metals.
India-UAE: Organized by the UAE Ministry of Economy and the UAE Embassy in India, in conjunction with India’s Ministry of Commerce and Industry, the forum was themed “Beyond CEPA: Innovation and Future Ready Economies.” It covered a range of sectors, including healthcare, biotechnology, renewable energy, sustainability, AI, logistics, and agricultural technology.
Sheikh Khaled bin Mohamed emphasized the importance of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) in driving bilateral economic growth and enhancing cross-border trade. He reiterated the UAE’s commitment to strengthening economic relations with India and creating a conducive business environment.
Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, led the UAE delegation and highlighted the forum’s role in fostering business networks and supporting economic diversification. He noted that bilateral non-oil trade had risen to $28.2 billion in the first half of 2024, reflecting a 9.8 percent increase from the previous year despite a global trade slowdown.
The India-UAE CEPA, inaugurated in May 2022, has been instrumental in providing UAE businesses with better access to the Indian market, reducing tariffs, and enhancing opportunities for UAE service providers in Indian government procurement.
The India-UAE Business Forum facilitated direct connections between businesses and service providers from both nations, exploring new avenues for collaboration across the public and private sectors.
