RAKEZ, Indian Chamber of Commerce sign MoU to strengthen UAE-India economic links

The agreement is to facilitate mutual access and opportunities, connecting RAKEZ to the expansive Indian business community through the ICC’s network

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 agreement, signed by RAKEZ Group CEO Ramy Jallad and ICC Regional Director Ratheesh Nair, is to facilitate mutual access and opportunities, connecting RAKEZ to the expansive Indian business community through the ICC’s network.

This excerpt highlights the collaboration between the International Chamber of Commerce (ICC) and the UAE market, particularly in facilitating the growth of Indian businesses within the UAE.

1. Strategic Partnership: The collaboration between ICC and the UAE represents a significant milestone for the economic zone, indicating a mutual effort to support and foster the growth of Indian businesses in the region.
2. Promotion of CEPA: Efforts to promote the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE are emphasized. This includes activities such as roadshows, investor meets, and regular exchanges aimed at strengthening economic ties between the two countries.
3. ICC’s Role: The ICC is recognized as a key player in promoting trade, industry, and commerce within India, particularly in the Eastern and North-Eastern regions. Its cooperative framework with the UAE-India CEPA Council underscores its commitment to bilateral trade facilitation.
4. Presence of Indian Companies: The presence of 6,000 Indian companies within the Ras Al Khaimah Economic Zone (RAKEZ) is highlighted, showcasing the significant contribution of Indian firms, including prominent names like Ashok Leyland, Dabur, and Mahindra, to the industrial landscape of the emirate.

Overall, the partnership between ICC and the UAE, coupled with efforts to promote bilateral trade agreements and the presence of Indian companies within RAKEZ, reflects a collaborative approach aimed at fostering economic growth and strengthening business ties between India and the UAE.