Bayyapu urges Indian logistics companies to form partnerships in the UAE
The India-UAE Comprehensive Economic Cooperation and Partnership Agreement (CEPA) will accelerated trade and investment, as well as open a new world of opportunities, Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said at the inauguration of the 3rd edition of LOGIX India in Dubai.
India, Dr Thani Al Zeyoudi said on 22 Mar 2022, is the UAE’s largest Non-Oil Trade partner and the future is bright for India-UAE collaborations in Global supply chain logistics.
“The UAE has made significant progress in technology upgradation in customs and logistics sector and looks forward to support India in its mission for logistics sector transformation,” added Ahmed Mahboob, Director General of Dubai Customs and the CEO of Ports, Customs and Free Zone Corporation.
India is committed to spend US$1 trillion on various infrastructure in the next 5 years which will facilitate our logistics by bringing efficiency and reducing its cost,” FIEO President Dr A Sakthivel informed the UAE business community at the LOGIX inauguration.
Thanking Dr Thani Al Zeyoudi for inaugurating the event, Dr Sakthivel elaborated, “Logistics is an important component of the economy and its role in manufacturing and exports can hardly be undermined.”
The logistics cost in India is about 14% of GDP as against the international benchmark of 8-9%.
However, the Government focus on addressing the cost issues through various measures have already started yielding results.
“The Government is implementing the dual Bharatmala (road network) and Sagarmala (waterways network) to improve logistic backbone,” added Dr Sakthivel.
“The Indian economy is on the upswing. We have become the fastest growing major economy in the world. We endeavour to become a US$5 trillion economy by 2026,” added Sandeep Kumar Bayyapu, Deputy Chief of Mission, Indian Embassy.
Complementing FIEO on organising LOGIX India in UAE, Bayyapu urged the Indian logistics companies to form good partnerships with UAE-based companies and take advantage of technical expertise available in the region.
About 100 Indian companies based in the UAE attended the 3rd Edition of LOGIX India. They held meetings with their prospective trade partners.
FIEO is playing a key role to facilitate trade and investments in the sector, highlighted Dr Ajay Sahai, Director General & CEO, FIEO.
“We are excited at the prospects being offered in UAE post-CEPA agreement and we look forward to exploring markets in Africa and MENA region through UAE,” added Dr Sahai.
The Inaugural ceremony was also attended by Abdul Rahman bin Haider, Head of World Logistics Programme, UAE; Suresh Kumar, Chairman, Indian Business & Professional Council, UAE; Nadia Abdul Aziz, President, National Association of Freight Logistics, UAE, and Shankar Shinde, Chairman, Federation of Freight Forwarders’ Associations in India together with leading logistics companies of the region. fiinews.com
