• Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare

“A nation’s culture resides in the hearts and soul of its people,” said Mahatma Gandhi, the father of the Indian nation and the world icon of peace.

Nothing would resonate better with the millions of Non-Resident Indians who celebrate India’s 77^th Independence Day in the countries they live in, paying homage to their Motherland.

As a proud Indian on foreign shores, I too take this opportunity to congratulate my fellow countrymen as our beloved country marks it’s Independence and enters yet another year, marching strongly and steadily towards completion of a century soon. The incredible success story of India is only beginning to unfold, as each day glorious new chapters are being scripted.

Today, India is being acknowledged on the world stage as the leading economic, social, and cultural force of the times, and the sweat and blood of over 1.3 billion Indians have paved the way for this success.

The current slogan for Independence Day 2023 is ‘Nation First, Always First’.  This is not just a slogan; but signifies a decisive change in elements of pride and dignity in the DNA of the Indian fabric as per the grand vision and plan for the progress of the country, revealed by Prime Minister of India, Shri Narendra Modi.

Indo-UAE ties stronger than ever

Here, in the UAE, since 2015, the Indo-UAE relationship has steadily moved upward on a trajectory of growth, much to the joy and satisfaction of the 3.5 million expatriates in the Indian diaspora across UAE.

UAE and India have been traditional allies, historically sharing a very strong bond which was further strengthened by the recent bilateral agreements between the two countries, more so after the fifth visit of Indian Prime Minister Narendra Modi to the UAE on July 15,2023. In a joint statement issued by both leaders, they expressed satisfaction that India-UAE trade had risen to US$85 billion in 2022, making the UAE India’s third-largest trading partner for the year 2022-23 and India’s second-largest export destination.

The leaders noted the significant global roles played by both countries in 2023, with India’s presidency of the G20 and the UAE’s presidency of COP28.

On the eve of India’s Independence Day, it is important to highlight the outcomes of some of the very significant trade treaties that will script a new progress story for the two nations.

The CEPA story

The most important is the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, signed on February 18, 2022. It covers all aspects of India’s economic engagement with the UAE, including trade, investments, healthcare, digital trade, government procurement, and more. In the year since it came into effect, it has been a robust catalyst for both countries.

Economic pundits point out that CEPA has unleashed new opportunities in bilateral trade, and it is expected to increase bilateral trade in goods to a whopping 100 billion USD within five years and trade in services to 15 billion USD!

During the first eight months of the agreement, bilateral trade between the two countries grew to 57.8 billion USD from 45.3 billion USD, recording an impressive growth of 27.5 percent in percentage terms and a notable increase of 2.5 billion USD in value terms.

The treaty is the strongest testament in modern times to the strength of the economic ties between the two nations as well as the foundation of a new economic power axis.

The Rupee-Dirham agreement

Complementing strong trade relations is the second noteworthy agreement between UAE and India, signed during the July 2023 meeting between the two countries – the Local Currency Settlement System (LCSS).  This agreement will promote the use of the Indian Rupee and the dirham bilaterally. It will also promote investments and remittances and could help optimize transaction costs and settlement times for transactions.

Another related MOU signed between the two countries that is a testament to deepening economic partnership and mutual trust between the two nations is the interlinking of India’s Unified Payment Interface (UPI) and UAE’s Instant Payment Platform. This, alongside the card switch – the Rupay and UAE switch – will help facilitate communication and financial transactions for thousands of Indian expatriates in the UAE.

Boosting the Health sectors bilaterally

One of most important collaborations comes in healthcare, the Medical Value Travel (MVT) collaboration will boost the prospects of medical tourism and leverage the respective strengths in healthcare infrastructure and expertise between the two nations. The two-way traffic of medical tourists between both countries will help optimize the use of health care facilities and pool health care talent for better healthcare delivery, thereby injecting prosperity into this sector in both countries. As a UAE company listed in India, at Aster DM Healthcare, we have witnessed and facilitated this development very closely. With our strong presence across 5 States in India through 17 hospitals, 12 clinics, 257 pharmacies, 205 labs and patient experience centres, Aster is one of the top integrated healthcare providers in the country.

The Indian healthcare sector has made a significant contribution not only to the UAE but also to several other countries by providing qualified healthcare professionals. A significant number of doctors and nurses from India play a pivotal role in the UAE’s healthcare system, serving as its backbone and positively impacting millions of individuals annually.

Furthermore, there is a growing opportunity for the import of medicines and medical equipment from India to the UAE. We have recently forged an agreement with a prominent pharmaceutical manufacturer in India, Dr. Reddy’s Lab, to introduce numerous new formulations and pharmaceutical products into the country.

We are also in talks to bring in advanced medical equipment and technology into UAE which would upgrade our surgical and treatment processes. With the introduction of CEPA, these transactions have become more streamlined, leading to substantial benefits for end-users.

As we celebrate ‘’Azaadi Ka Amrit Mahotsav”, it is a proud moment for all of us who stand to pay our tributes and salute the Motherland.

Jai Hind!