Image Credit: Piyush Goyal/Twitter

Dubai: UAE and India have launched a 'Startup Bridge’ as part of the new CEPA deal.UAE-India launch 'Start-up Bridge'

“Launched 'India-UAE Start-up Bridge' with UAE Minister of Economy, Abdulla Bin Touq Al Marri at India-UAE Economic Partnership Summit,” said India’s commerce minister Piyush Goyal on Twitter.

A UAE delegation is in India to explore prospects of joint investment within the framework of the CEPA. Abdullah bin Touq Al Marri, Minister of Economy, is leading the delegation along with 80 representatives from the government and private sectors.

The visit aims to lay out sustainable mechanisms to support the business community in both countries to maximise their benefit from the CEPA that came into effect early this month. The visit will also brief the UAE delegation about the facilities the CEPA will provide to companies and the opportunities for building new sustainable partnerships.

“It's time now for us to forge new partnerships, new relationships, scale up our business and expand the scope of our engagement with the UAE,” said Goyal during an event in Mumbai.

Priority areas

The agenda will focus on priority sectors such as: industrial production, civil aviation, financial services, ICT, food security, transport and infrastructure, logistical services, agri-technology, entrepreneurship, and other future economic factors. The delegation will hold a series of discussions with Indian ministers, senior government officials, and private sector leaders on the best ways to double non-oil trade exchange under CEPA.

India is the second-largest trading partner of the UAE in 2021. It accounted for 9 per cent of the total volume of the UAE’s trade with the world, and 13 per cent of the UAE’s non-oil exports, while the non-oil foreign trade between the two countries in 2021 reached Dh165 billion, a growth of 66 per cent compared to 2020.