RAKEZ enters into collaboration with UICC to strengthen UAE-India economic partnership

Ras Al Khaimah, 20 September 2024: Ras Al Khaimah Economic Zone (RAKEZ) signed a Memorandum of Understanding (MoU) with the UAE-India CEPA Council (UICC), marking a significant step in bolstering the UAE-India bilateral economic partnership.

The MoU was signed by RAKEZ Chief Government and Corporate Relations Officer Yaser Abdulla Al Ahmed and UICC Director Ahmed Aljneibi. The signing ceremony took place during the UAE-India Business Forum held in Mumbai, India.

The main objectives of the MoU are to raise awareness of the economic potential between the two countries, to highlight the tangible benefits of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), and to foster deeper economic, investment, and trade relations between private sector stakeholders. Through this MoU, RAKEZ and the UICC will exchange information and explore opportunities for joint events, aiming to promote greater interaction among their members.

UICC Director Ahmed Aljneibi highlighted, “The signing of this MoU underlines the critical importance RAKEZ and the emirate of Ras Al Khaimah have played, and continue to play in the broader UAE-India bilateral partnership. The UICC is excited to work with RAKEZ in further promoting the benefits of the UAE-India CEPA, and the broader opportunities that exist in the bilateral economic, investment, and trade partnership between the two countries.”

RAKEZ Group CEO Ramy Jallad said, “UAE-India economic cooperation is a cornerstone of both countries’ growth trajectories, and this MoU with the UICC is a significant step in deepening that link. By contributing to the UAE-India CEPA, we aim to unlock new opportunities for businesses on both sides, driving innovation, trade, and investment. Through this partnership, RAKEZ will facilitate connections and strengthen its business ecosystem where more Indian companies can thrive and expand their operations, contributing to mutual economic success.”

This MoU builds on the ongoing momentum of the UAE-India CEPA, aiming to further advance trade and investment ties between the two countries. Both RAKEZ and the UICC are committed to aligning their efforts and resources to elevate the UAE-India economic relationship to exciting new heights.

India is a key market for RAKEZ which is already home to over 6,000 Indian investors. Leading companies like Ashok Leyland, Dabur, Sejal Glass, Bosco Aluminium, Royal Gulf Industries, and Mahindra, among many others operating across diverse sectors, thrive in Ras Al Khaimah due to its favourable business climate, proximity to major transport hubs, and advanced infrastructure. Additionally, the UAE-India CEPA and a broad network of Free Trade Agreements (FTAs) offer these investors unique opportunities for market expansion and enhanced global reach.