Indian PM Modi to visit UAE on 28th June, Indian Business Community is hoping to open a new chapter in business relations

• Modi to offer condolences on the passing of Sheikh Khalifa, congratulate HH Sheikh Mohammed Bin Zayed

UAE: Indian Prime Minister Narendra Modi will visit the UAE on June 28, India’s Ministry of External Affairs announced on Wednesday.

Prime Minister Narendra Modi will be visiting UAE after attending the G7 Summit, Prime Minister will be travelling to United Arab Emirates (UAE) on 28 June 2022 to pay his personal condolences on the passing away of H.H. Sheikh Khalifa bin Zayed Al Nahyan, the former UAE President and Abu Dhabi Ruler. PM will also take the opportunity to congratulate HH Sheikh Mohammed Bin Zayed on his election as the new President of UAE and Ruler of Abu Dhabi.

Modi is visiting the UAE on his return to India after visiting Germany for the G7 Summit. He will leave the UAE the same night on June 28, the ministry said.

This is PM Modi’s first visit after signing CEPA. PM Modi’s visit is much awaited, as was postponed during Expo. PM Modi’s visit will be an addition to give a strong momentum between the two nations, with bilateral ministerial meetings and outreach programmes underway on the benefits of the free trade deal. This will be PM Modi’s 4^th visit to UAE, after 2015, 2018, and 2019. On other hand, Sheikh Mohamed travelled to India in 2016 and 2017. On his last visit, PM Modi was honoured with the UAE’s highest award, the ‘Order of Zayed’.

Indian Business community in UAE is very much positive about the upcoming visit of PM Modi. Industry leaders are seeing a new peak and prospects with this visit.

Dr. Azad Moopen, Chairman and MD, Aster DM Healthcare said that “UAE and India have shared a strong bond for decades which has been strengthened further this year with the signing of CEPA. Apart from the country-to-country and people-to-people relationship between the two countries, President of UAE HH Sheikh Mohammed Bin Zayed Al Nahyan and PM Narendra Modi share a very strong personal equation and friendship and this visit is the first after HH Sheik Mohammed Bin Zayed has assumed office as the President. From a business angle, CEPA is expected to double the bilateral trade to $100 billion in the next five years, up from the current $50-60 billion at present, while eliminating tariffs on a range of products being exported by India and the UAE.  The visit is expected to reaffirm the commitment of the two governments which would see the various Indian and UAE businesses seizing the opportunities and making more investments in either country. ”  

Kamal Vachani, Partner and Group Director of Al Maya Group said that Prime Minister Modi’s fourth trip to the UAE is significant for several reasons. The benefits of the Comprehensive Economic Partnership Agreement (CEPA), which came into effect earlier this year, are expected to occupy centre stage during Modi’s visit to the UAE. CEPA will boost further trade volumes to a large extent. India will export not only traditional exports but also new products will be exported. The UAE residents will enjoy new products from India as new companies will enter UAE through the opening of new trade channel.

Bobby Naqvi – Former Editor of Gulf News put his views that The PM’s visit to the UAE, the fourth since his historic visit in 2015, is significant in many ways. First, in May, India and UAE operationalized the Comprehensive Economic Partnership Agreement. Second, it is coming in the backdrop of the GCC countries’ condemnation of offensive remarks made by BJP spokespersons against the Prophet of Islam. Repairing the damage and putting relations back on track must be on top of the visit’s agenda. There is also the protocol for the death of UAE’s former President Sheikh Khalifa bin Zayed Al Nahyan. But, from a long-term perspective, maximizing the benefits of the Comprehensive Economic Partnership Agreement (CEPA), which came into effect earlier this year, is expected to occupy centre stage during Modi’s visit to the UAE.

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Chandu Siroya (Vice-Chairman- Dubai Gold and Jewellery Group and MD Siroya Jewellers added that PM Modi’s visit will differently add value to relations in terms of diplomacy and business. As we all know that PM Modi has a good personal relationship with the rulers of the UAE. Every Indian will be benefited from this visit, as now India and UAE are sharing the relations at multiple levels including culture, entertainment and import and export.

Industry Leader in the steel sector, Bharat Bhatia, Founder & CEO of Conares, added that the visit from PM Modi is exciting not just for the Indian business community, but for the entire Indian community in the UAE as a whole. Recently, the signing of the Comprehensive Economic Partnership Agreement (CEPA) has created countless new opportunities for business and investment between the two countries. It will therefore be interesting, to keep an eye on this latest visit as it may define economic development for both countries in the next few years. Moreover, the PM Modi’s visit will enhance the bilateral relationship between India and the UAE as well.

This visit might be to reaffirm India’s strong commitment to and strategic partnership with the UAE. It is understood that Prime Minister Modi will, while expressing his condolences to the late President HH Sheikh Khalifa bin Zayed and congratulating President HH Sheikh Mohammed bin Zayed on his becoming the UAE President, will also push for strengthening ties under the Comprehensive Economic Partnership Agreement (CEPA). Both the countries are optimistic to raise the two-way trade to US$100 billion. We might hear some announcement towards that direction,” Mr Rizwan Sajan, Founder and Chairman of Danube Group, says. “As private sector players, we are ready to play our due role within the CEPA framework and we are waiting to see how we can expand our role to strengthen the relationship.”

A major player in the field of technology, Hyther Nizam- President MEA, Zoho Corporation added that India has the third-largest startup ecosystem in the world (next to the US and China) and more than 100 unicorns have emerged from the startup ecosystem. UAE remains an attractive investment hub for many Indian corporations that leverage the flexible, technologically advanced and business-conducive market. With this visit, the startup ecosystem would get more opportunities and accessibility to the UAE market to set up their development, sales, and solutions teams to contribute to the UAE’s ambitious economic diversification plan as well as its digital agenda.

The UAE-India relationship goes back a long way in history and has been characterized by cordial economic and cultural ties that contributed to different sectors’ development—from defence, energy, and technology to trade, workforce, healthcare, tourism and more. This visit will help further shape the economic development of both nations over the next few years and spur a great deal of investment in various industry sectors, especially in technology.

Abdul Jebbar PB, Group Managing Director, Hotpack Global said that the high-profile meetings between officials from both the UAE and India have cultivated strong bilateral ties over the years. Earlier this year, the Comprehensive Economic Partnership Agreement (CEPA) was signed, providing businesses in both countries access to new markets and channels which gave a massive boost to bilateral trade and business opportunities. Therefore, the Indian business community in the UAE should be largely optimistic about new strategic economic agreements that are reached during this latest visit from Prime Minister Narendra Modi.

As a young entrepreneur, Abhishek Sharma, Co-Founder and COO, Fashinza added that the UAE and India have a very strong bilateral relationship, which has been bolstered through the years with numerous high-profile visits between officials from both countries. These meetings and discussions have always been fruitful and borne immense benefits for businesses in both countries. With this latest visit from Prime Minister Modi, the Indian business community should be optimistic about new strategic agreements that are reached between the leaders of the two nations that create even more opportunities for growth. This visit is going to signal to the local Indian community that the ties between the UAE and India are growing stronger and they will have more opportunities and accessibility to the Indian market back home. Indians in UAE would also be excited to finally see the PM arrive after his plans to visit the UAE during the Expo fell through. This visit is going to define the course of economic development of both nations in the coming years. I also believe that it will lead to an increase in investment in various sectors, especially technology and raw materials.