Page 176 - CW E-Magazine (19-3-2024)

ICC Conference 2024

ning across the State; six operational with economic growth. The UK Gov- Mr. Abdulla Al Shamsi from the Mini-
ports & four greenfield ports being ernment is pioneering initiatives for stry of Industry & Advance Techno-
developed; and the existence of public- transitioning towards a circular eco- logy, United Arab Emirates (UAE).
funded and privately-owned indus- nomy, developing sustainable materials,
trial parks. He also noted that Andhra and creating green technologies – areas “India’s proximity to the UAE
Pradesh is one of the three States which which present partnership opportunities makes our two countries natural trading
has been notified under the PCPIR policy with India. partners. The strong trade ties reached a
of the central government. key milestone in 2022 with the signing
“The collaboration in this sector of a Comprehensive Economic Partner-
UK-India trade relationship is very strong. Both countries share ship Agreement (CEPA),” he said.
Mr. Harjinder Kang, His Majestys the common commitment to advance
Trade Commissioner (HMTC) for environmentally responsible practices & Non-oil trade between the two
South Asia, British Deputy High Com- technologies and to address the com- nations grew 4% year-on-year in 2023,
mission, while thanking ICC for choos- mon challenges in seizing that opportu- to reach $53-bn. India is the world’s
ing UK as the Country Partner for the nity,” Mr. Kang added. leading destination for the UAE’s non-
conference, noted that the chemical oil exports with a share of 11% of the
sector is one of the key industries that He also urged UK companies to country’s total exports. “In the chemi-
has been in the forefront of deepening tap into India’s cost competitive manu- cal sector. trade between the countries
the UK-India trade relationship. facturing base, access raw materials, was more than $3-bn last year. And our
and strategic geographic locations to plan is to more than double this number
He provided details about UK-India expand market presence, optimise by 2027,” said Mr. Al Shamsi.
trade and efforts to enhance it through production processes and drive cost
the UK-India Enhanced Trade Partner- efficiency. “Likewise, Indian companies Meanwhile, UAE’s direct invest-
ship, of which the Free Trade Agree- stand to benefit from collaborating with ments in India were around $17-bn by
ment (FTA) is a key component. UK companies and institutions, by gain- the end of September 2023, making it
ing access to cutting edge research and the seventh largest global investor in
Speaking about the UK chemicals development, innovative ecosystems, India. “Most of this investment is being
sector, Mr. Kang said the sector is look- government support & incentives, and channelled into renewable energy, food
ing to transform itself in terms of posi- established distribution networks in the processing, and healthcare sectors, but
tive environmental impact and aligning Western world,” said Mr. Kang. we are determined to expand to prio-
rity sectors like the chemical sector,”
UAE-India partnership opportunities he said.
The burgeoning trade between
India and UAE was showcased by “More and more companies are
coming to the UAE to leverage the
country’s competitive advantage, which
include competitive land, infrastructure &
utilities, attractive financing solu-
tions and support to increase bilateral
trade. After we signed the CEPA, we’ve
seen this especially between UAE and
Indian companies. It’s our role to acce-
lerate these partnerships in the chemi-
cal sector specifically,” he stressed.

Japan’s petrochemicals sector
Representatives from Japan’s Itochu
Corporation presented the scenario in
the Japanese petrochemicals industry
and collaboration opportunities for the
Mr. Harjinder Kang Mr. Abdulla Al Shamsi two nations. The presentation was made

176 Chemical Weekly March 19, 2024

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