An agreement of cooperation (MoU) was signed by the Federation of Indian Chambers of Commerce and Industry (Ficci) and the UAE-based retail giant Lulu Group International to quicken exports from India to the UAE. This occurs one year after the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates, which aims to increase bilateral trade and investment, was signed. In accordance with the MoU, the Lulu Group will collaborate closely with Ficci to assist and market fresh Indian businesses and goods in the UAE.
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, Saifee Rupawala, CEO of Lulu Group International, and Nirankar Saxena, Deputy Secretary General, Ficci, they signed the Memorandum of Understanding.
According to the MoU, Lulu Group will collaborate closely with Ficci to assist and market fresh Indian businesses and goods in the UAE.
“Being one of the biggest retailers, Lulu Group International currently imports food and non-food products from India worth close to Rs80 billion for our 247 hypermarkets and supermarkets in the area. This will expand even more as a result of the Cepa initiatives and this new MoU,” Rupawala stated.
According to Saxena, “This MoU presents a significant opportunity to the micro, small, and medium-sized firms and startups in India as they seek out to the UAE to expand their company. The governments of India and the UAE want to grow commerce while utilizing the advantages of Cepa, thus this is in line with their objectives.