The UAE-India Business Council-UAE Chapter (UIBC-UC) and the Maharashtra Industrial Development Corporation (MIDC) have signed an MoU to boost trade and investment. The agreement was signed during the “UAE-India: Partnership for Enduring Prosperity” event at the Waldorf Astoria in Ras Al Khaimah, as part of India’s 76th Republic Day celebrations.
His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, attended the ceremony, as did key authorities and business executives. The MoU intends to boost investment between the UAE and Maharashtra, streamline business operations for UAE companies, and attract Emirati investors. UIBC-UC’s 18 members, who manage assets worth over $1 trillion, are expected to play an important role in economic growth.
A yearly exchange of business delegations is intended to strengthen commercial connections. The MoU was signed by UIBC-UC’s Head of Corporate Affairs, Kshitij Korde, and MIDC’s CEO, P. Velrasu. It was exchanged by Major General (Retd.) Sharafuddin Sharaf, VC of UIBC-UC, and Velrasu in the presence of dignitaries.
Faizal Kottikollon, Chairman of UIBC-UC, described the deal as a significant step in UAE-India economic relations. Major General (Retd.) Sharaf indicated that Indian investments in the UAE had increased from $40 billion to $80 billion, with a target of $100 billion.
