In a significant diplomatic and economic gathering coinciding with India’s 76th Republic Day, leaders from India and the United Arab Emirates convened in Ras Al Khaimah to fortify their growing partnership and explore new avenues for cooperation. The event was marked by the presence of Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, and distinguished Indian leaders including Maharashtra’s Industries Minister,Uday Samant.
Multiple Memorandums of Understanding between the Ras Al Khaimah Economic Zone and key Indian institutions, including the Maharashtra Industrial Development Corporation (MIDC) and the Confederation of Indian Industry . These agreements aim to strengthen industrial cooperation and facilitate business expansion between the regions.
In his address, Sheikh Saud bin Saqr Al Qasimi emphasized the historical depth of UAE-India relations, noting their millennium-old ties and shared vision for progress. He highlighted Ras Al Khaimah’s unique offerings, including its diverse landscape and upcoming connectivity improvements through the Etihad Rail project, positioning the emirate as an attractive destination for Indian businesses and tourists.
The Ruler of Ras Al Khaimah also outlined the emirate’s commitment to fostering an environment conducive to Indian businesses and professionals, emphasizing initiatives such as direct currency swaps and the development of free trade zones offering unparalleled access to regional and global markets. He underscored the emirate’s dedication to maintaining zero income tax and creating a business-friendly environment, while projecting significant growth in tourism, real estate, and industrial sectors.
During his address, Uday Samant, Cabinet Minister of Industries, Government of Maharashtra, emphasized the state’s strong business potential and underscored the natural synergy between India and the UAE as key trade partners. He highlighted Maharashtra’s competitive advantages, including robust policy support, a favorable ease of doing business environment, strategic location with advanced infrastructure, a diverse industrial ecosystem, and access to a highly skilled workforce, making it an attractive destination for investment and industrial growth.
The summit highlighted the remarkable transformation in bilateral relations, with trade volumes reaching $85 billion last year, positioning the UAE as India’s third-largest trading partner. The ambitious target of $100 billion in non-oil trade and $15 billion in services trade by 2030 underscores the partnership’s potential, with officials expressing confidence in surpassing these goals ahead of schedule.
Consul General of India Satish Kumar Sivan detailed India’s extraordinary journey from independence to becoming the world’s fifth-largest economy, with projections to rise to third place. He highlighted Maharashtra’s economic significance, noting its trajectory toward becoming a $1 trillion economy. The state’s delegation’s presence signaled the beginning of enhanced Maharashtra-Ras Al Khaimah cooperation.
The forum addressed key sectors for collaboration, including tourism, hospitality, manufacturing, and renewable energy. The event featured plenary sessions on key sectors driving India-UAE cooperation. The first session focused on “Tourism & Hospitality,” exploring opportunities for investment and collaboration, particularly in Ras Al Khaimah, while highlighting the growing connectivity between the two regions.
The second session, “Make in India & the Emirates,” delved into the thriving complementary manufacturing ecosystem, showcasing how Indian companies are contributing to the creation of global value chains through strategic partnerships in the Indian companies such as Ashok Leyland, Dabur, and Mahindra already maintain successful operations in Ras Al Khaimah, demonstrating the emirate’s business-friendly environment and strategic location for accessing regional markets.
