The Andhra Chambers of Commerce and Industry Federation (ACCIF) entered into a Memorandum of Understanding (MoU) with Ras-Al-Khaimah (United Arab Emirates-UAE)-based Indian Business and Professional Council (IBPC) here on Wednesday.
IBPC Secretary-General Lokesh K. Verma and ACCIF Executive Director P. Bhaskar Rao signed the MoU, which is aimed at promoting trade, investments, tourism, and social interactions between Andhra Pradesh and the UAE.
‘Opportunities galore’
Explaining the business opportunities at Ras Al Khaimah, Mr. Verma said that India was the second largest exporter to the UAE. From vegetables to marble and granite, every product and item was exported to Ras Al Khaimah. More than 3,000 companies are owned by persons of Indian origin. Many big players like Ashok Leyland and Mahindra and Mahindra were doing business there, he said.
Mr. Bhaskar Rao said that the Federation identified a few thrust areas like food processing, IT, port-based industries, aqua, apparel and tourism. The entrepreneurs can explore these sectors. The Federation would act as facilitator if any entrepreneur has plans to do export and import business with Ras Al Khaiamah, he said.
Federation president elect Muthavarapu Murali Krishna, Andhra Pradesh Project Facilitators & Consultancy Services Limited (APPFCS) Chief Executive K. Lakshmi Narayana, AP Non Resident Telugu executive vice-president K. Seshu Babu were present.
