Since the signing of CEPA with Israel, the UAE envoy said, there’s been a major interest among companies in both the countries to make use of the opportunities…reports Asian Lite News
The UAE strives for a “righteous narrative’’ and is keen to connect people and businesses from India to Israel from its unique position in the Middle East. UAE’s Ambassador to Israel Mohamed Al Khaja said “linking people together and making new friends is what makes businesses stronger,” media reported.
“The Abraham Accords with Israel was a new beginning,’’ said the envoy during an interaction with a business delegation led by the Confederation of Indian Industry, the Khaleej Times reported.
With the pandemic nearing its end, the UAE has moved swiftly since to sign bilateral Comprehensive Economic Agreements (CEPA) with both India and Israel. It has plans for over 20 such bilateral agreements with other countries, it added.
Since the signing of CEPA with Israel, the UAE envoy said, there’s been a major interest among companies in both the countries to make use of the opportunities that present themselves while taking people-to-people ties to another level.
He said there’s a new-found entrepreneurial zeal between the business communities in the two countries which is a sign of the changing times, the Khaleej Times added.
“Very often, business is a truer marker of a relationship between two countries. What’s encouraging is that business is returning to normal after the pandemic,’’ said Sanjeev Singla, Indian Ambassador to Israel, who emphasised that building blocks have been laid for business ties to grow. Industry leaders should take it forward with their counterparts in respective countries, he added.
The visit of the delegation to Israel is significant as India sees the UAE as a corridor to scale up trade and commerce while expanding other sectors and to other countries. The delegation had business leaders not just from India but the UAE too.
Singla said that better connectivity between India and Israel, and with the UAE being the bridge, the two sides are targeting trade figures of $10 billion over the next five years.
India’s annual trade with the UAE currently stands at $70 billion, and Cepa could drive it to over $100 billion in the next five years.
“When you put these three countries together, there are complementary strengths that we seek to enhance – innovative and unique industry like technology in Israel; connectivity and commercial strengths of the UAE; and the Indian market which is large, and a dynamic economy.’’