India and the UAE signature important similarities to strengthen economic relations

New -Delhi, April 8 (IANS). India and the United Arab Emirates (UAE) have signed several important agreements to strengthen bilateral economic partnership. The agreement was reached during the visit of the Crown Prince of Dubai and the UAE Minister of Defense Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoma. The important decision in the similarities between India and the UAE is to draw up the campus of the Indian Institute of Management, Ahmedabad (IIM-A) in Dubai. The first MBA program on this campus is started in September 2025. In addition, the first foreign campus of the Indian Foreign Trade Institute (IIFT) will also be erected in Expo City in Dubai. In addition, it has been announced to award land in Dubai for the construction of the Indo-Uae Friendship Hospital, the development of shipwreck groups in Kochi and Wadinar and the launch of Bharat Mart construction. Under these agreements, an Indian office will also be opened in the Dubai Chamber of Commerce, which will further strengthen the business relations. IIM- The establishment of the campus of Ahmedabad and IIFT in Dubai will further deepen the educational cooperation between the two countries. This will help to make Dubai and the UAE appear as an important global educational center. Last year, the first Middle East Campus of IIT in Abu Dhabi was opened. These initiatives will benefit 4.3 million Indian community in the UAE and about 9 million Indians in the Gulf region. India Mart and Virtual Trade Corridor (VTC) have been announced to further strengthen the trade relations between India and the UAE. Measures taken to support VTC and Friendship Interface will further increase the bilateral trade. The trade between the two countries has increased greatly since the CEPA (Compiring Economic Partnership Agreement) came into effect. Through these initiatives, bilateral trade is expected to cross $ 97 billion and the non-tele trading objective could amount to $ 100 billion. VAE people also come in large numbers in the field of healthcare in India. Members of many royal families of the UAE also benefit from India’s health and welfare system. As a retaliation of this contribution, the Dubai government has assigned land to establish ‘India-Uae Friendship Hospital’ in Dubai. The main purpose of this hospital is to provide cheap health services to the Blue Frag workers of the Indian community that they established in the UAE. In addition, the Cochin Shipyard Limited and Drideock World (Dip World Company) have entered into an agreement for the development of shipwreck groups, which will implement the best practices in the shipwreck in India and help add extra capacity. The establishment of the Indian office in the Chamber of Commerce in Dubai is also an important step to further strengthen the trade partnership between India and the UAE. Indian businesses are the best investors in tourism in Dubai, hospitality, healthcare, retail, education and entertainment. Indian businesses register new businesses in the Dubai Chamber of Commerce each year, which contribute 30-40 percent to Dubai businesses. Then Crown Prince also met Piyush Goyal, Minister of Trade and Industry, in Mumbai and discussed the rapid growth of bilateral trade under CEPA. Goyal hoped that these important similarities would further strengthen the economic relations between India and the UAE and reach new heights. -Ians PSM/CBT