UAE- Ras Al Khaimah Economic Zone (Rakez), an Emirati free-trade zone in the United Arab Emirates, and the Indian Chamber of Food and Agriculture (ICFA) have partnered to foster mutual growth and development of the food and agriculture sectors of the UAE and India.
The Group CEO of Rakez, Ramy Jallad, and ICFA Chairman, Dr. MJ Khan, signed an MoU concerning the matter, reinforcing the strategic collaboration between the two countries.
The two countries have been trading partners for a long time, with the UAE exporting basmati rice from India, among other items.
According to Tradologie, a B2B ‘inquiry to delivery’ trade enabling platform facilitating trade of Agri-commodities, basmati rice imports in UAE were more than US$3 billion last year alone, with more than 40% of this import coming from India.
Officials from the two partners provide that this alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration in the agricultural sectors of the two countries.
“This MoU signifies our commitment to strengthening our relationships with key international organizations such as ICFA and recognizes the role India plays as a strategic trade and investment partner for the UAE,” Jallad said.
Jallad also highlighted that 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,” Jallad added.
On the other hand, Dr. MJ Khan holds that ICFA’s 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 India and the UAE,” Khan added.
The agreement is also meant 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.
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 boost Indian presence and investment in the UAE further.
Additionally, the MoU envisions promoting research and development collaborations between Indian and Rakez-based institutions, primarily focusing on advancing agricultural innovation, crop improvement, sustainable farming practices, and food processing technologies.
“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,” 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.
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.