Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) have joined forces through the signing of a Memorandum of Understanding (MoU) to strengthen collaboration and foster growth within the food and agriculture sectors of the UAE and India.
The MoU was signed by Ramy Jallad, Group CEO of RAKEZ, and Dr. MJ Khan, Chairman of ICFA, highlighting yet another significant area of strategic cooperation between the two countries. This partnership aims to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
Jallad expressed the commitment to fortify relationships with international organizations such as ICFA, acknowledging India’s role as a crucial trade and investment partner for the UAE. As one of the UAE’s largest trading partners, India brings valuable innovation and expertise in the food and agriculture sectors, particularly in sustainable farming and food processing technologies. The collaboration presents exciting prospects for knowledge sharing and capacity building, enabling tech and agricultural companies in RAKEZ’s business community to enhance their methods and exchange innovative, sustainable farming techniques with major Indian companies.
Khan emphasized that the collaboration marks a pivotal moment in ICFA’s history. The joint efforts with RAKEZ will pave the way for Indian agri-businesses to expand their horizons and explore lucrative opportunities in the MENA region through Ras Al Khaimah. Additionally, the proposed joint research and development projects will drive agricultural innovation and contribute significantly to the sector’s advancement in both India and the UAE.
The agreement will facilitate promotional activities for trade, market access, and business matchmaking opportunities 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 within the economic zone, serving as an attractive gateway to the Middle East for Indian enterprises.
The MoU also envisions fostering research and development collaborations between Indian institutions and those based in RAKEZ. The focus will be on advancing agricultural innovation, crop improvement, sustainable farming practices, and food processing technologies.
Both organizations anticipate that this business relationship will stimulate economic growth and foster innovation within 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 enthusiasm for supporting the collaboration between RAKEZ and ICFA to promote trade and investments between the UAE and India. Leveraging their relationship with various industries in both countries, their team is dedicated to bringing fresh perspectives and innovative ideas to the table.
This MoU strengthens the UAE-India relations, which have been further elevated by the recent Comprehensive Economic Partnership Agreement (CEPA). With RAKEZ hosting over 4,000 Indian companies, including global giants like Mahindra, Ashok Leyland, and Dabur, this collaboration with ICFA promises to enhance Indian presence and investment in the UAE. The agreement serves as another milestone in the robust bilateral relationship between the two nations, amplifying the investment potential for Indian businesses in the UAE and further establishing the UAE as a preferred business hub for Indian enterprises.
