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The UAE's Ambassador to India, Abdulnasser Alshaali, visited Surat on Monday to strengthen bilateral ties and explore investment and trade opportunities, according to an official statement.
During the visit, Ambassador Alshaali participated in a business roundtable organized by the Southern Gujarat Chamber of Commerce and Industry (SGCCI) in collaboration with the UAE-India CEPA Council, the release stated. The meeting with close to 50 local companies and senior members of the SGCCI, including Vijay Mevawala, President of the SGCCI; Paresh Bhatt, CEO of SGCCI Global Connect; Devkishan Manghani, Chairman of SGCCI Global Connect; and Ramesh Vaghasia, Past President of the SGCCI, highlighted the key role Surat and the state of Gujarat play in fostering bilateral collaboration between the UAE and India. Discussions focused on ways to increase investment between UAE and Indian businesses, and opportunities to expand current levels of trade in crucial sectors, including textiles, manufacturing, gems and jewellery, and agricultural products, according to the offfcial statement. At the roundtable discussion, Ambassador Alshaali said, "The state of Gujarat is essential to the broader UAE-India bilateral partnership. In the 2023-24 Indian fiscal year, Gujarat led all other Indian states in total trade with the UAE, amounting to USD 32.11 billion- an impressive 38.39 percent of trade conducted between the UAE and India over this same period. Leveraging key initatives such as the UAE-India Comprehensive Economic Partnership Agreement is vital to further expanding our trade, economic, and investment ties", the release added. The visit to Surat also provided an opportunity for the UAE Ambassador to India to undertake a tour of the the Surat Diamond Bourse (SDB), the world's largest office building, and to engage with local diamond traders. During the tour of the bourse, Ambassador Alshaali met with senior members of the SDB Management Committee. The UAE-India CEPA, implemented in May 2022, has further bolstered the exchange in diamonds and other precious commodities between the two countries, creating new opportunities for collaboration and growth. The CEPA has contributed to a significant reduction in costs, increases in exports and retail sales, and has allowed Indian jewellers to compete more effectively on a global scale, the release noted. More broadly, the CEPA has contributed to the strengthening of economic ties between the UAE and India. Trade between the two countries surged from USD 72.9 billion in the 2021-22 to USD 83.64 billion in the 2023-24 fiscal year, an expansion of almost 15 percent. These figures have reinforced the UAE's position as India's second-largest export market, third-largest trading partner, and fourth-largest investor. (ANI)
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