ABU DHABI, 18th April, 2022 (WAM) — Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development (ADFD), and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office (ADEX), met with Sunjay Sudhir, Ambassador of India to the UAE, at the ADFD headquarters.
The talks were held against the backdrop of the Comprehensive Economic Partnership Agreement (CEPA) signed this year by the two countries, which is expected to boost bilateral non-oil trade to US$100 billion in five years, from the current US$60 billion. The meeting was attended by Khali Al Mansouri, the Acting Director-General of ADEX, and other officials from both sides.
Al Suwaidi underscored the historical relations between their countries and the significance the partnership agreement holds, especially at a juncture when the UAE and India have reached critical milestones in their journeys as nations.
“As the UAE celebrates the Year of the 50th, it has laid out a clear vision for the next 50 years of development. Our own occasion has coincided with India’s 75th anniversary of Independence, with the country having embarked on a long-term developmental advancement with renewed vigour and enthusiasm. These occasions present us with unprecedented opportunities to walk and work together and collaborate to deliver on our promises over climate aspirations and sustainable development,” Al Suwaidi said.
Reiterating keenness to work with India as a strategic partner towards common developmental objectives, Al Suwaidi highlighted ADFD’s expanded role as a driver of the UAE’s export sector through its dedicated arm, ADEX.
“We established ADEX in 2019 to boost national exports, which we consider to be a catalyst in diversifying our economy and building a knowledge-based society, in line with the UAE’s strategic vision. What’s more, ADEX has created a model for inclusive and mutual development whereby both the exporter and the importer stand to benefit equally, making it an attractive option for Indian importers to consider,” Al Suwaidi added.
He explained how ADEX’s innovative financing tools enable Emirati exporters to expand their horizons, while offering tailored and flexible financing solutions for foreign buyers to purchase goods and services from the UAE.
For his part, Sudhir emphasised the longstanding partnership between India and the UAE. Referring to the CEPA signed in February and the historic decision that led to it, he said, “As our ties are going from strength to strength, ADFD and ADEX can be a vehicle to take them to the next level. As a dominant Asian economy, India has the potential to turn our common aspirations into reality through this partnership.”
He expressed confidence about stronger and broader collaborations with the UAE, as well as ADFD and ADEX stressing the fortitude, resilience and depth of friendship of the two nations that have shone through in the face of adversity.
Khalil Al Mansouri communicated to the Indian envoy ADEX’s interest to develop the economic and trade partnership with India, highlighting the exports office’s aim to finance and support national exporters and enable them to reach global markets, in line with the UAE’s strategic vision to diversify its economy. “Further cooperation with India will enable us to move more quickly towards achieving this strategic objective, while also developing our export sector and consolidating the UAE’s position as a global trading hub,” he added.
India is a major trade partner and the largest export destination for the UAE. According to 2021 statistics, India accounted for 9 percent of the country’s total foreign trade, with non-oil exports accounting for 13 percent of the total of these exports.