Ras Al Khaimah Economic Zone (Rakez) has signed a Memorandum of Understanding (MoU) with The All India Association of Industries (AIAI), to open up new avenues for mutual trade and investment.

The MoU was signed by AIAI President Dr Vijay Kalantri and Rakez Group CEO Ramy Jallad, at World Trade Center Mumbai (WTCM) in the presence of WCTM Executive Director Rupa Naik.

The collaboration is designed to encourage enterprises from diverse Indian industries to explore opportunities in Ras Al Khaimah. It focuses on stimulating business opportunities, fostering cooperation, and creating synergies for development across both regions.

Kalantri said: “This collaboration not only reflects the strong economic relationships and shared entrepreneurial spirit between India and the UAE but also aligns with the objectives of the Comprehensive Economic Partnership Agreement (CEPA), enhancing our mutual interests. We are excited to partner with Rakez and unleash the plethora of opportunities this collaboration will bring to our members.”

More Indian investors

Jallad said: “Our alliance with AIAI is a strategic step towards welcoming more Indian investors and businesses into Ras Al Khaimah. With a majority of companies in Rakez being Indian-owned, this MoU aims to create a robust platform for enterprises to thrive and expand in a market renowned for its business-friendly environment and strategic geographic location. This initiative is about fostering long-term economic growth and deepening the ties between Ras Al Khaimah and India.”

In conjunction with the MoU signing in Mumbai, Rakez senior leadership engaged in business-to-business (B2B) meetings with high-profile companies from various sectors, including electric vehicles (EV), plastics and packaging, food and beverage, real estate, and chemicals.

The UAE is India’s third-largest trading partner and its second-largest export destination, reflecting a robust bilateral trade relationship. Within Rakez, around 6,000 Indian companies are flourishing and contributing to its diverse economic landscape.

Leading firms

Leading firms such as Ashok Leyland, Dabur, Mahindra, Royal Gulf Industries, Sejal Glass, Motherson, and Bosco Aluminium underscore the dynamic business ecosystem that Rakez offers to Indian enterprises. These companies benefit from the economic zone’s strategic partnerships with government entities, private service providers, and prominent business groups. Aligned with the objectives of supporting CEPA, Rakez has been actively engaged in B2B meetings, events and exhibitions, and forging new collaborations.

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