“India-UAE relations will be a defining partnership of the 21st Century” –Commerce & Industry Minister Piyush Goyal
“CEPA offers significant economic benefits to both the countries” – says UAE Minister of Economy Abdullah Al Marri
India –UAE Start Up Bridge launched in Mumbai as part of the Comprehensive Economic Partnership Agreement (CEPA)
Union Commerce & Industry Minister Shri Piyush Goyal and the UAE Minister of Economy Mr. Abdullah Al-Mari today launched ‘India-UAE Start Up Bridge’ at the India-UAE Economic Partnership Summit organized by CII in Mumbai .
Speaking at the inaugural session of the Summit, Shri Piyush Goyal said “India and UAE have huge potential to work together and the Comprehensive Economic Partnership Agreement (CEPA) will significantly open the doors to a plethora of markets across the globe and help in building a future ready, more robust and resilient bilateral partnership.“
The Minister said the India-UAE Parternship is best defined by its tagline ‘Openness, Opportunity and Growth’ and asserted that the trade between the two countries is expected to grow to at least $ 100 billion in the near future. Speaking about various sectors to benefit from the India-UAE CEPA, Shri Goyal said he is certain that the gains of the partnership will start flowing from this year itself, as is being evident from the early wins for the Germs and Jewellery sector.
About the pharma sector, the Commerce & Industry Minister said that CEPA has given a pathway for Indian Pharma products to fast-track approval in the UAE. “It is the first time any nation in the world has given India such a benefit”, he added.
Shri Goyal also said that India and UAE are looking at education partnerships and deeper energy cooperation. Green hydrogen is going to be an area where both sides will work together, he stated.
UAE Minister of Economy Abdullah Al Marri highlighted the important aspects that are inbuilt within the framework of the agreement. He said CEPA offers significant economic benefits for both the countries “Most important part of this agreement is that there will be lot of opportunities that will arise. It will add 1.7% growth in UAE’s economy and also create 140,000 jobs” he added. The UAE Minister termed CEPA as very agile and nimble and it has chapters that allow for future discussions on such areas as digital economy and digital trade. He also added that the government procurement and intellectual property rights also hold special significance for the India- UAE CEPA.
About the India – UAE Start Up Bridge
- India UAE Start Up bridge is part of CEPA to strengthen collaboration to promote startups, through exchange of best practices, through strengthened relations between accelerators, incubators, and other such ecosystem stakeholders.
- The bridge will act as a one stop platform where information regarding the Indian and UAE startup ecosystem will be easily accessible to entrepreneurs and stakeholders from both countries.
- The Indian startup ecosystem with over 750 incubators spread across the country has one of the strongest startup support infrastructures globally. The bridge will facilitate joint training sessions for incubators in India and UAE.
- The Indian startup ecosystem has been a fertile investment ground for UAE based investors. The bridge will focus on bringing the investment houses from UAE to work closely with Indian Venture Capital and Private Equity houses.
- The Bridge will also provide market access information to start-ups, how to set up businesses in both countries and evaluate feasibility of expanding their operations globally.
