Under the Comprehensive Economic Partnership Agreement (CEPA), the UAE, of which Dubai is part, and India plan to broaden non-oil commerce to $100 billion by 2030, from simply $50.5 billion in April, he stated.

Dubai is in talks with Indian producers who’re wanting on the emirate as a distribution hub, he added. “The ties have come on the again of the CEPA settlement that enables acceleration of 30%-plus commerce development.”

Indian companies and non-resident Indian-owned entities generate around one million jobs in the UAE, according to Dubai Chambers. “And this is something that we can build on. The UAE’s acceptance into the BRICS economic bloc is also, I think, another stepping stone that will allow even more to be done between the UAE and India,” Badri stated.

In truth, companies in Dubai are extra inquisitive about making new investments within the economic system. “One of the important thing areas that they’re seeking to strengthen groups is round digital expertise, individuals who perceive laptop science, knowledge scientists and so forth. As tech entrepreneurs, they’re contributing to the ecosystem in Dubai. It has gathered some good momentum.” Over 83,000 companies of Indian-origin businesses are registered with the Dubai Chamber of Commerce, accounting for 25% of the chamber’s total membership, he said.

“I met the Lenskart co-founder as it is already in Dubai; I think they came in two-three years ago, and are using Dubai as a platform to expand in the region. And this is the formula that we see a lot of businesses take.”

With Dubai permitting 100% international possession in most of its financial sectors, with over 30 free zones, a beneficial tax setting, streamlined enterprise processes and top-notch logistics infrastructure, and its strategic location close to India, attaining a $100 billion non-oil commerce quantity with India is feasible, Badri stated.

“I feel, discussions with the chambers had been very optimistic. They even have the urge for food to extend this connectivity between India and the UAE. So, we count on some form of potential partnerships and collaborations to come back out of this. When you meet the chambers and companies, it’s all the time the case that the business-minded folks in India have appreciated the best way, or all the time appreciated the best way, emirates like Dubai have handled them,” Badri stated.

Updated: 03 Sep 2023, 11:21 PM IST