February 23, 2024

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Maharashtra has been a transparent beneficiary from India-UAE CEPA deal – and there’s extra to come back

3 min read

The 54th Annual Assembly of the World Financial Discussion board in Davos beckons us to delve into discussions that can form the worldwide financial panorama.

The ‘Rebuilding Belief’ theme is a poignant reminder of the necessity for transparency, consistency, and accountability in our actions. Maharashtra, the financial powerhouse of India, hopes to be not only a participant however a catalyst for this transformation.

We additionally hope to make use of WEF as a possibility to showcase the advantages of our stability and dependability in a world full of instability.

The India-UAE CEPA deal has unfurled new avenues for Maharashtra, a state that contributes considerably to India’s GDP. Since its initiation on Could 1, 2022, the CEPA aspires to raise bilateral commerce between India and the UAE from $60 billion to $100 billion inside the subsequent 5 years.

This settlement is greater than only a commerce deal; it is a key to unlocking doorways for collaboration, innovation, and shared prosperity. Already, UAE-based firms have invested over $35 billion in India, with a substantial portion flowing into Maharashtra. This infusion of capital brings not simply monetary good points but additionally the promise of technological development, reworking the state’s financial panorama.

Our exports to the UAE have soared, with a outstanding 23 per cent enhance within the first yr post-CEPA implementation. Textiles, electronics and engineering items – the spine of Maharashtra’s exports – are set to make a extra important mark within the UAE market, due to the elimination of tariffs. This opens up avenues for our companies to thrive and develop within the worldwide enviornment.

The CEPA is a two-way road, creating an atmosphere conducive for UAE firms to flourish in Maharashtra. It beckons international funding into our manufacturing, companies, and agriculture sectors, promising employment alternatives and financial development. The alternate of know-how and data between Indian and UAE firms is a cornerstone of this settlement, fostering innovation and competitiveness.

Removing of tariffs

Crucially, the CEPA heralds a brand new daybreak for Maharashtra’s agricultural sector. The elimination of tariffs on grains, greens, and fruits interprets to larger entry to the UAE marketplace for our farmers. This not solely boosts the agricultural financial system but additionally ensures a fairer and extra affluent future for these toiling the land.

As we navigate the world financial panorama on the World Financial Discussion board, India appears to fortify its ties with the UAE market. Maharashtra’s dedication to turning into a $1 trillion financial system, the primary in India, echoes our ambition to not simply take part however lead within the international financial resurgence.

The achievements showcased on the 2022 World Financial Discussion board’s annual assembly at Davos, the place MoUs value $17 billion had been signed, exemplify our state’s attract for international traders. With strategic partnerships spanning various sectors akin to infrastructure, renewable power, info know-how, and agriculture, Maharashtra is poised for a transformative journey.

Our imaginative and prescient for the long run isn’t just financial development however inclusive growth that touches the lives of each citizen. The journey could also be difficult, however with the assist of our worldwide companions, particularly the UAE, Maharashtra is able to navigate the complexities of the worldwide financial panorama.

Because the Chief Minister of Maharashtra, I prolong a heat welcome to companies, traders and innovators from the UAE and all over the world. Allow us to be part of palms on this journey in the direction of financial prosperity, mutual development, and a future that transcends boundaries.

Jai Hind and Jai Maharashtra…

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