Gandhinagar, July 23 — The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates has helped make the UAE India's third-largest business partner, Gujarat Chief Minister Bhupendra Patel said on Thursday while inaugurating 'Investopia Global - Ahmedabad', highlighting the expanding economic relationship between the two countries.
Addressing the inaugural session, Patel said the 2022 CEPA had brought about a "historic transformation" in bilateral economic ties. "As a result of the CEPA Agreement between India and the UAE, the UAE has become India's third largest business partner," he said.
The Chief Minister said relations between India and the UAE had reached new heights under the leadership of Prime Minister Narendra Modi and described the event as a reflection of India's growing global stature.
He noted that PM Modi's visit to the UAE in 2015 was the first by an Indian Prime Minister in 34 years and that the Prime Minister has since visited the country seven times.
UAE President Sheikh Mohamed bin Zayed Al Nahyan has visited India five times, he added, recalling the opportunity to welcome the UAE President to Gujarat during the Vibrant Gujarat Summit in 2024.
"Economic cooperation between the two countries had been complemented by stronger cultural ties, citing the establishment of the first Hindu Swaminarayan Temple in Abu Dhabi," he said.
He said the event represented the coming together of "two civilisations and two economies" and highlighted the centuries-old maritime trading relationship between Gujarat and the UAE across the Arabian Sea.
He expressed confidence that bilateral ties would continue to strengthen under the leadership of the two countries.
Referring to Gujarat's trade with the UAE, Patel said: "The state exports chemicals, pharmaceuticals, gems and jewellery, engineering products, ceramics, textiles, agricultural produce and processed food. The partnership offered Gujarat not only economic opportunities but also a stronger position in the global supply chain."
Highlighting Gujarat's industrial and infrastructure strengths, Patel said the state had emerged as India's growth engine and a global gateway to future industries.
"Gujarat has one major port and 48 non-major ports, more than 51 GW of renewable energy capacity, GIFT City as India's first fintech city, three operational semiconductor plants and approvals for six semiconductor plants, the highest in the country," he said.
The Chief Minister also said Gujarat offered significant opportunities in tourism, pointing to spiritual destinations, the White Rann of Kutch, Shivrajpur Beach for adventure tourism and Nadabet for patriotic tourism.
Linking Prime Minister Modi's vision of "Viksit Bharat" with the UAE's "We the UAE 2031" vision, Patel said partnerships between Gujarat and the UAE could contribute significantly to achieving both goals.
"The memoranda of understanding (MoU) to be signed during the event would further strengthen economic cooperation and invite UAE businesses to establish new ventures and partnerships in Gujarat," he said.
UAE Minister of Economy and Tourism, Abdulla Bin Touq Al Marri, said the relationship between the two countries had progressed beyond trade.
"The UAE and India are not just engaged in trade, but are building a strong economic corridor," he said, adding that economic ties continued to strengthen.
Al Marri said the UAE recorded GDP growth of 5.6 per cent in 2025 and that the non-oil sector now accounted for more than 77.3 per cent of the country's GDP, reflecting its economic diversification.
"Bilateral trade between India and the UAE exceeded USD 100 billion in 2025 and both countries had set a target of increasing it to USD 200 billion by 2032," he noted.
Speaking about investment in Gujarat International Finance Tec-City (GIFT City), Al Marri said it was emerging as a key hub for India-UAE financial cooperation.
He noted that the Abu Dhabi Investment Authority (ADIA) had established a subsidiary office in GIFT City and said collaboration between the two countries was expanding in semiconductors, financial corridors, food security, tourism, digital infrastructure and logistics.
Describing Gujarat as India's most industrialised state, Al Marri said it contributes 20 per cent of the country's industrial exports and is a leading centre for food processing, chemicals, pharmaceuticals, textiles and engineering.
He urged stakeholders to move beyond discussions and focus on implementing concrete investment projects and business agreements.