Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) have signed a Memorandum of Understanding (MoU) aimed at promoting mutual growth and development in the food and agriculture sectors of the UAE and India.
The agreement, signed by RAKEZ Group CEO Ramy Jallad and ICFA Chairman Dr. MJ Khan, strengthens the strategic collaboration between the two countries. The partnership aims to facilitate knowledge exchange, trade promotion, investment, and research and development collaboration.Jallad expressed the significance of the MoU, emphasizing the commitment to strengthen relationships with international organizations like ICFA and recognizing India's role as a strategic trade and investment partner for the UAE. India, being one of the UAE's largest trading partners, brings valuable innovation and expertise in the food and agriculture sectors, particularly in sustainable farming and food processing technologies. The collaboration aims to provide opportunities for knowledge exchange and capacity-building, allowing tech and agricultural companies in the RAKEZ business community to enhance their methods and share innovative, sustainable farming techniques with major Indian companies.
Khan highlighted the importance of this collaboration for ICFA, stating that it marks a pivotal moment in their history. The partnership with RAKEZ will enable Indian agri-businesses to explore profitable opportunities in the MENA region through Ras Al Khaimah. Additionally, joint research and development projects are expected to stimulate agricultural innovation and contribute significantly to the advancement of the sector in both India and the UAE.
The MoU will facilitate promotional activities for trade, market access, and business matchmaking between Indian food and agriculture companies and businesses within the RAKEZ ecosystem. RAKEZ and ICFA will actively identify and promote investment opportunities for Indian businesses in the economic zone, serving as an attractive gateway to the Middle East.The agreement also focuses on fostering research and development collaborations between Indian and RAKEZ-based institutions. The primary areas of focus include agricultural innovation, crop improvement, sustainable farming practices, and food processing technologies. Both organizations believe that this partnership will stimulate economic growth and foster innovation in 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), expressed support for the collaboration, emphasizing their dedication to promoting trade and investments between the UAE and India. Leveraging their relationships with various industries in both countries, they aim to bring fresh perspectives and innovative ideas to the table.
This MoU further strengthens the UAE-India relations, which have been elevated by the recent Comprehensive Economic Partnership Agreement (CEPA). With over 4,000 Indian companies, including global giants like Mahindra, Ashok Leyland, and Dabur, already operating in RAKEZ, the collaboration with ICFA promises to boost Indian presence and investment in the UAE. The agreement serves as another milestone in the bilateral relationship between the two nations, amplifying the investment potential for Indian businesses in the UAE and solidifying the UAE's status as a preferred business hub for Indian enterprises.
