RAKEZ and ICC Sign MoU to Enhance Economic Ties and Business Opportunities

RAKEZ and ICC Sign MoU to Enhance Economic Ties and Business Opportunities

By Emirates News Agency, 07 June 2024

Ras Al Khaimah Economic Zone (RAKEZ) signed a Memorandum of Understanding (MoU) with the Indian Chamber of Commerce (ICC) to enhance business opportunities and foster economic growth between the UAE and India.

The MoU was signed by RAKEZ Group CEO Ramy Jallad and ICC Regional Director Ratheesh Nair. The partnership facilitates mutual access and opportunities, connecting RAKEZ to the expansive Indian business community through the ICC’s network, while also providing ICC members with valuable opportunities to engage with and grow in the UAE market.

Commenting on the partnership Jallad said, “This collaboration with the Indian Chamber of Commerce represents a strategic milestone for RAKEZ as we continue to support and facilitate the growth of Indian businesses in the UAE. Our active efforts in promoting the Comprehensive Economic Partnership Agreement (CEPA) with India through roadshows, investor meets, and regular exchanges, have laid a strong and reliable foundation for developing and maintaining partnerships with more Indian business groups.”

ICC is a key player in promoting trade, industry, and commerce within India, particularly in the Eastern and North-Eastern regions. It has also established a cooperative framework with the UAE-India CEPA Council, further solidifying its role in bilateral trade facilitation.

Highlighting the significance of the partnership, ICC Director-General Dr. Rajeev Singh said, “The UAE and India have long enjoyed a dynamic trade relationship. This MoU with RAKEZ opens new doors for our members and Indian entrepreneurs to explore and establish their presence in one of the fastest-growing economic zones in the region. We are excited about the prospects this partnership holds for Indian enterprises.”

Significantly, the UAE is ranked as India’s third-largest trading partner and second-largest export destination. Within RAKEZ, approximately 6,000 Indian companies are thriving, contributing to a diverse industrial landscape that includes leading firms like Ashok Leyland, Dabur, Mahindra, Royal Gulf Industries, Sejal Glass, Motherson, and Bosco Aluminium.

As part of its continuous mission to support the economic partnership with India, RAKEZ recently hosted a business delegation from the PHD Chamber of Commerce and Industry in Ras Al Khaimah. The delegation, which included representatives from various sectors such as healthcare, agri-food processing, leather, information technology, and AI, explored business opportunities and toured significant locations in the emirate, including Marjan and the facilities of some key businesses in the economic zone.

Amjad Saleh

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