Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organisation (IETO) signed a Memorandum of Understanding (MoU) to strengthen international trade and investment ties between the UAE and India, underlining their mutual commitment to business excellence. The MoU was signed by RAKEZ Chief Commercial Officer Anas Hijjawi and IETO President Dr. Asif Iqbal.
The collaboration focuses on several objectives including the initiation of trade missions and investment forums to help Indian businesses understand what RAKEZ has to offer, and provide them the platform to connect with potential partners and investors in the UAE. The agreement also promises customised business services, for Indian companies that are tailored to their aspirations of expanding into the MENA region. Additionally, RAKEZ will further streamline the market entry process for Indian businesses looking to set up operations in the UAE by assisting in navigating regulatory requirements and obtaining necessary licences. Another key feature of the MoU is the networking and business matchmaking opportunities, enabling Indian companies to interact with both local and international stakeholders within RAKEZ.
RAKEZ Group CEO Ramy Jallad said, “Our ties with Indian business entities are vital in the strengthening of UAE-India relations which has been on the rise post the Comprehensive Economic Partnership Agreement (CEPA) of 2022. The latest MoU with IETO as well as our recent collaboration with the Indian Chamber of Food and Agriculture to boost bilateral agro-trade highlights our dedication to nurturing international business ties and enhancing trade avenues with key markets such as India.”
IETO President Dr. Asif Iqbal said, “RAKEZ serves as an ideal framework that is built around facilitating business-friendly policies. It is an excellent hub for growing businesses across various scales, seeking simplified company formation processes in the UAE. It is exciting to witness a significant number of Indian enterprises making strides in RAKEZ, catering to both regional and global audiences.”
Currently, RAKEZ boasts a community of nearly 5,000 Indian businesses, with renowned names like Naturelle, a subsidiary of the global FMCG giant Dabur India; Fabcon Industrial Services, expert in manufacturing pressure vessels; Ashok Leyland, international producer of motor vehicle engines and auto parts; Royal Gulf Industries, a key player in lead acid battery recycling; Al Amir Food Industries, a global manufacturer and exporter of spices; and Ace Cranes and Engineering, specialising in the manufacturing of steel hangars and sheds, among many other big players in various industries.
