Indian business community positive on Modi’s visit to UAE on June 28

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Indian business community positive on Modi’s visit to UAE on June 28

Abu Dhabi: Prime Minister Narendra Modi will visit the United Arab Emirates on June 28, India’s External Affairs Ministry announced on Wednesday.

Prime Minister Modi will travel to the United Arab Emirates after attending the G7 summit and will travel to the United Arab Emirates (UAE) on June 28 to offer his personal condolences on the passing of His Highness Sheikh Khalifa bin Zayed Al Nahyan , the former president of the United Arab Emirates. and ruler of Abu Dhabi. Modi will also take the opportunity to congratulate His Highness Sheikh Mohammed bin Zayed Al Nahyan on his election as the new President of the United Arab Emirates and ruler of Abu Dhabi.

Modi is visiting the United Arab Emirates on his return to India after traveling to Germany for the G7 summit. He will leave the United Arab Emirates on the same night of June 28, the ministry said.

This is PM Modi’s first visit after signing CEPA. Prime Minister Modi’s visit is highly anticipated as it was postponed during the Expo held recently. His visit will give a strong boost to relations between the two nations, with bilateral ministerial meetings and ongoing outreach programs on the benefits of the free trade agreement.

This will be Prime Minister Modi’s fourth visit to the UAE, after 2015, 2018 and 2019. On the other hand, Sheikh Mohammed visited India in 2016 and 2017. During the last visit, Modi received the UAE’s highest honour, the ‘Order of Zayed’.

The Indian business community in the UAE is excited about PM Modi’s upcoming visit. Industry leaders view it with optimism.

Dr. Azad Moopen, President and CEO of Aster DM Healthcare, said, “The UAE and India have shared a strong bond for decades, which was further strengthened this year with the signing of CEPA. Besides the country-to-country and people-to-people relations between the two countries, the President of the United Arab Emirates, H.H. Sheikh Mohammed Bin Zayed Al Nahyan, and Prime Minister Narendra Modi share a very strong personal equation and friendship and this visit is the first after H.H. Sheikh Mohammed Bin Zayed. took office as president. From a trade perspective, CEPA is expected to double bilateral trade to $100 billion over the next five years, from $50-60 billion currently, while eliminating tariffs on a range of products exported by India and the United Arab Emirates. The visit is expected to reaffirm the commitment of the two governments which would see the various Indian and UAE companies seize the opportunities and invest more in either country.

Kamal Vachani, Partner and Director of Al Maya Group, said Prime Minister Modi’s fourth trip to the UAE is significant for several reasons. “The benefits of the Comprehensive Economic Partnership Agreement (CEPA), which entered into force earlier this year, are expected to take center stage during Modi’s visit to the UAE. CEPA will further boost trade volumes to a large extent.India will export not only traditional items but also new products.Residents of the UAE will appreciate the new Indian products as new businesses will enter the UAE through the opening of a new business channel,” he said.

Bobby Naqvi, former editor of Gulf News, said: “The Prime Minister’s visit to the United Arab Emirates is significant in many ways. First, from May, India and the UAE operationalized the Comprehensive Economic Partnership Agreement. Secondly, it comes against the backdrop of GCC countries’ condemnation of the offensive remarks made by BJP spokespersons against the Prophet of Islam. Repairing damage and getting relationships back on track should be high on the visit’s agenda. There is also the death protocol of former UAE President Sheikh Khalifa bin Zayed Al Nahyan.

Chandu Siroya, Vice Chairman, Dubai Gold and Jwellary Group and MD Siroya Jewellers, said Prime Minister Modi’s visit will certainly add value to the relationship in terms of diplomacy and business. “As we all know that Prime Minister Modi has good personal relations with the leadership of the UAE, every Indian will benefit from this visit as now India and UAE share the relationship on many levels including culture , entertainment and import and export,” he said.

Industry leader in the steel sector, Bharat Bhatia, Founder and CEO of Conares, added that PM Modi’s visit is exciting not only for the Indian business community, but for the entire Indian community. of the United Arab Emirates as a whole. “Recently, the signing of CEPA has created countless new investment opportunities in both countries. It will therefore be interesting to keep an eye on this latest visit as it could define the economic development of both countries in the coming years. Moreover, Prime Minister Modi’s visit will also enhance bilateral relations between India and the UAE,” he said.

“This visit could be to reaffirm India’s strong commitment and strategic partnership with the UAE. It is understood that Prime Minister Modi, while expressing his condolences to the late President H.H. Sheikh Khalifa bin Zayed and congratulating President H.H. Sheikh Mohammed bin Zayed on his nomination as President of the United Arab Emirates, will also push for stronger ties under CEPA. Both countries are optimistic that bilateral trade will increase to US$100 billion. We could hear announcements in this direction,” said Mr. Rizwan Sajan, Founder and Chairman of the Danube Group.

“As private sector players, we are ready to play our part under CEPA and we look forward to seeing how we can expand our role to strengthen the relationship.”

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