UAE-based retail giant Lulu Group International and the Federation of Indian Chambers of Commerce and Industry (Ficci) signed a memorandum of understanding (MoU) to further accelerate exports from India to UAE.
The MoU was inked during a special business event held in Dubai to celebrate the first anniversary of the signing of the India-UAE Comprehensive Economic Partnership Agreement (Cepa). The UAE-India bilateral trade has surged by 27.5 per cent between April and November 2022 after Cepa entered into force in May.
Saifee Rupawala, CEO, of Lulu Group International and Nirankar Saxena, Deputy Secretary General, Ficci, inked the MoU in the presence of Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade; Sunjay Sudhir, Indian Ambassador to the UAE; Omar Khan, Executive Director, Dubai International Chamber, and Salim MA, Lulu Group Director.
As per the MoU, Lulu Group will closely work with Ficci to support and promote new Indian companies and products in the UAE.
“As one of the largest retailers, currently Lulu Group International imports close to Rs80 billion worth of food and non-food products from India for our 247 hypermarkets and supermarkets in the region. This will further grow as a result of this new MoU as well as the Cepa initiatives,” Rupawala said.
Since Cepa has been implemented, businesses from both nations have started leveraging upon the tremendous potential offered by the agreement. The latest MoU will also create more opportunities to further bolster bilateral trade.
Saxena noted: “This MoU provides a huge opportunity to the micro, small and medium enterprises, and startups in India as they reach out to the UAE to expand their business. This is in line with the interests of the governments of India and the UAE to increase trade making use of the benefits of Cepa.”
Lulu Group’s V. Nandakumar, Group Marketing and Communications Director, and James Varghese, Director, Dubai region, were also present during the signing ceremony. The glittering event was organised by the Ficci in association with the Embassy of India, Abu Dhabi, Consulate General of India, Dubai, and Dubai Chambers.
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