Posted on July 7, 2023
Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) signed a Memorandum of Understanding (MoU) aimed at fostering mutual growth and development within the food and agriculture sectors of the UAE and India.
The MoU was signed by Group CEO of RAKEZ Ramy Jallad and ICFA Chairman Dr MJ Khan, adding yet another area of strategic collaboration between the two countries. This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
Jallad said, “This MoU signifies our commitment to strengthening our relationships with key international organisations such as ICFA and recognises the role India plays as a strategic trade and investment partner for the UAE. As one of the UAE’s largest trading partners, India brings a wealth of innovation and expertise in the food and agriculture sectors, particularly in sustainable farming and food processing technologies. We are excited about the potential knowledge exchange and capacity-building opportunities that this strategic collaboration brings. It will enable the tech and agricultural companies in our business community to enhance their methods and share innovative, sustainable farming techniques with major Indian companies.”
Khan said, “This collaboration marks a pivotal moment in ICFA’s history. Our joint efforts with RAKEZ will pave the way for Indian agri-businesses to broaden their horizons and explore lucrative business opportunities in the MENA region through Ras Al Khaimah. Moreover, the proposed joint research and development projects will stimulate agricultural innovation and contribute significantly to the sector’s advancement in both India and the UAE.”
The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between the Indian food and agriculture companies and businesses in the RAKEZ ecosystem. Through this collaboration, both RAKEZ and ICFA will actively identify and promote investment opportunities for Indian businesses within the economic zone, providing an attractive gateway to the Middle East for Indian enterprises.
The MoU also envisions the fostering of research and development collaborations between Indian and RAKEZ-based institutions. This initiative will primarily focus on advancing agricultural innovation, crop improvement, sustainable farming practices, and food processing technologies.
Both organisations are positive that this business relationship will stimulate economic growth and foster innovation within the food and agriculture sectors in India and the UAE.
CA Harikishan Rankawat, President of the Federation of Indian Industry (Dubai Chapter) and Chairman of the Institute of Chartered Accountants of India (Dubai Chapter), said, “We are keen on supporting this collaboration between RAKEZ and ICFA to promote the trade and investments between the UAE and India. Our team is already dedicated to bringing a fresh perspective and innovative ideas to the table, leveraging our relationship with various industries in India and the UAE.”
This MoU reinforces the strength of UAE-India relations which have been further elevated by the recent Comprehensive Economic Partnership Agreement (CEPA). With RAKEZ being home to more than 4,000 Indian companies, including global giants like Mahindra, Ashok Leyland and Dabur, this collaboration with ICFA promises to further boost Indian presence and investment in the UAE. The agreement is another milestone in the already robust bilateral relationship between the two nations, amplifying the investment potential for Indian businesses in the UAE, and enhancing UAE’s status as a preferred business hub for Indian enterprises.
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