Strategic Agreement Set to Unleash Investment Opportunities and Drive Innovative Collaboration
In a transformative move for international investment and economic collaboration, the UAE-India Business Council – UAE Chapter (UIBC-UC) and the Department of Industries and Commerce (DoIC) of Rajasthan have officially signed a Memorandum of Understanding (MoU).
Aimed at bolstering investment and business collaboration in the Indian state, the signing of this strategic MoU took place on 17 September 2024 during the Government of Rajasthan delegation’s visit to Dubai, led by Col. Rajyavardhan Rathore, Hon’ble Minister for Industry and Commerce.
Accompanied by senior officers, including Mr. Sidharth Sihag, IAS, Joint Secretary to Hon’ble Chief Minister and Mr. Sourabh Swami, IAS, Additional Commissioner, Bureau of Investment Promotion, along with Mr. Atul Sharma, Director, FICCI, Rajasthan State Council, the delegation was in Dubai to promote the upcoming Rising Rajasthan Global Investment Summit 2024, scheduled for December 9-11, 2024, in Jaipur, Rajasthan.
The Rising Rajasthan Summit represents a critical platform for attracting global investments across diverse sectors such as Agri & Food Processing, Auto Components, Chemicals & Petrochemicals, and Education & Skill Development.
The MoU was signed when the delegation met with UIBC-UC Founding members in a group closed-door roundtable, which was attended by H.E. Satish Sivan, Consul General of India to Dubai & Northern Emirates.
The roundtable was led by UIBC-UC and KEF Holdings Chairman Mr. Faizal Kottikollon, in the presence of prominent members including Mr. Rizwan Soomar, CEO & Managing Director – Middle East, North Africa & India Subcontinent of DP World and UIBC-UC Co-Chair; Mr. Adeeb Ahamed, Managing Director of Lulu Financial Holdings and UIBC-UC Board Member; Mr. Shyam Kapur, Group President & CEO of Sharaf Group; Mr. Pankaj Khandelwal, CFO – UAE & India of EFS Facilities Services; and Mr. Kshitij Korde, Head of Corporate Affairs, UIBC-UC.
This distinguished assembly of leaders engaged in strategic discussions with the Honourable Minister, focusing on enhancing collaboration and unlocking new investment potentials between the UAE and Rajasthan.
To ensure effective implementation, a Joint Working Group (JWG) will be established with representatives from both parties, each designated as primary points of contact for streamlined communication and coordination.
“This MoU is a critical step in enhancing economic relations and uncovering new collaborative opportunities across key sectors including skills development, logistics, tourism, healthcare, renewable energy, infrastructure, manufacturing, technology, and research. By synchronizing the signing with the Dubai visit, the Rajasthan government has underscored its commitment to attracting global investors and showcasing the state’s dynamic business environment. The establishment of the Joint Working Group further ensures that this ambitious agreement will be effectively implemented, paving the way for a dynamic and mutually beneficial future,” said Mr. Faizal Kottikollon.
The MoU outlines key objectives such as promoting Rajasthan’s investment potential to UAE-based businesses, supporting joint events and workshops, and facilitating the exchange of vital market intelligence. By creating robust networking opportunities, the agreement seeks to connect UAE investors with Rajasthan-based enterprises and government entities, thereby stimulating greater investment interest and business partnerships.
The MoU also sets forth specific areas of cooperation, including the regular sharing of information on investment opportunities, policies, and projects in Rajasthan. It mandates joint organization of seminars and business forums to spotlight the state’s investment landscape and provides support services for UAE investors, such as regulatory assistance and site visits.
During the official Dubai visit, a special invitation was also extended to the UIBC-UC by the Government of Rajasthan to the Rising Rajasthan Global Investment Summit 2024.