Odisha: A Pillar in UAE-India Economic Partnership

Odisha has played a pivotal role in bolstering the UAE-India economic partnership, largely due to its mineral and industrial sectors. This collaboration has catalyzed significant trade and investment growth. The CEPA agreement has further facilitated market access and reduced trade barriers, enhancing mutual economic prosperity.

Odisha has emerged as a vital player in strengthening the UAE-India bilateral partnership, according to Abdulnasser Alshaali, the UAE Ambassador to India. Speaking at a business roundtable organized by the UAE-India CEPA Council and the Indian Chamber of Commerce, Alshaali praised Odisha's industrial and mineral sectors for drawing significant UAE investment interest.

Alshaali highlighted Odisha's impressive trade figures with the UAE, which reached USD 2.63 billion in the 2023-2024 fiscal year. Odisha ranks as the UAE's eighth-largest trading partner among Indian states and union territories. Emphasizing the need to further enhance this relationship, he noted that recent events, such as the signing of several high-value memoranda of understanding in June 2022, have laid the groundwork for future collaborations.

The Comprehensive Economic Partnership Agreement has been instrumental in boosting bilateral trade, which stood at USD 83.64 billion for the 2023-2024 fiscal year. Sectors such as gems and jewellery, pharmaceuticals, and agriculture have seen substantial growth rates. The UICC continues to foster open dialogue and partnership, ensuring that businesses in Odisha can fully capitalize on these opportunities.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)