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Monday, March 4, 2024

UAE-India business forum discusses investment opportunities


SHARJAH 24: The Sharjah Chamber of Commerce and Industry (SCCI) has embarked on a landmark trade mission to the Republic of India, marking a major step in strengthening economic ties between the two countries. The trade mission’s first stop was the highly successful UAE-India Business Forum in Mumbai, India’s bustling business capital.
The UAE-India Business Forum organized by SCCI brings together key business leaders, government officials and industry experts from Sharjah and Mumbai. The event aims to showcase the investment advantages of Sharjah and Mumbai, while highlighting the wealth of promising opportunities offered by various economic sectors.

Sharjah and Mumbai are recognized as the leading industrial and commercial hubs in their respective regions, acclaimed for their significant contribution to the economic growth of the UAE and India. The forum highlighted the important role they play in fostering the growing relationship between the two countries at all levels.

The delegation, led by His Excellency Abdullah Sultan Al Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), and organized by the Sharjah Export Development Centre, aims to build on the success of the UAE-India Comprehensive Economic Partnership Agreement in 2022 Effective May. The agreement represents a new era of economic cooperation between the two friendly countries based on mutual interests.

Several dignitaries attended the forum, including His Excellency Abdullah Sultan Al Owais himself, Second Vice Chairman of SCCI Board of Directors His Excellency Waleed Abdul Rahman Bukhatir, SCCI Board Member His Excellency Ahmed Mohamed Obaid Al Naboodah, His Excellency Abdullah Husein UAE Consul General in Mumbai Salman Mohamed Al Marzouqi and Mumbai Chamber of Commerce and Industry President Pravin Rane.

Also present at the meeting were Abdulaziz Mohammed Shattaf, Assistant Director-General, Communications and Commercial Sector, Sharjah Chamber; Jamal Saeed Buzangal, Director, Media Department, Sharjah Chamber; and Ali Abdullah Al Jari, Director, Sharjah Export Development Centre. Several major manufacturers and traders from Sharjah and Mumbai were also present.

The forum discussed coordinated efforts with the Mumbai Chamber of Commerce, Industry and Investment Authorities to attract more Indian businessmen to invest in Sharjah and to open up new markets for SCCI members, enabling them to expand their businesses, increase foreign investment and promote exports of domestic products.

The forum featured bilateral meetings between SCCI businessmen and their counterparts in Mumbai. Discussions revolved around investment opportunities and strengths available to both countries to foster partnerships serving the private sector, increase trade exchanges, and establish projects in various sectors.

His Excellency Abdullah Sultan Al Owais emphasized that the UAE and India maintain a deep-rooted historical bilateral relationship, which positively reflects close cultural, humanitarian and civilizational ties, as well as emerging economic interests that develop between the two business communities. “With the benevolent support of the leaders of both countries, this enduring relationship remains an unshakable testament to the friendship between the two countries and is expected to continue to strengthen in the years to come,” El Ovis said.

“Thanks to the vision and direction of its wise leadership, the Emirate of Sharjah has adopted a flexible trade policy, leveraging its qualitative capabilities and special privileges. Sharjah’s strategic location, overlooking the Arabian Gulf and the Indian Ocean, coupled with our policy of international openness, Enables us to strengthen our ties with all countries of the world. These key factors have greatly contributed to the establishment of strong foreign partnerships and the strengthening of our trade with all continents of the world. Our economic ties stretch from the shores of Africa to the Indian subcontinent, marking a A connection that is both special and deeply rooted in our history, as old and interconnected as the Arabian Gulf itself,” Al Owais added.

He continued: “Sharjah has firmly strengthened its relationship with India over the years and has made significant progress in terms of trade flows, exports, re-exports and imports. Sharjah’s trade with India in 2021 exceeds AED 2 billion”

He highlighted the significant positive impact of the Comprehensive Economic Partnership Agreement between the UAE and India on trade and investment flows between the two countries. Partnership revenue surged 24.7% quarter-on-quarter in Q1 2023; meanwhile, UAE non-oil exports to India rose 33%.

“Our mission today is to advance the goals of this partnership,” continued Al Owais. “Our aim is to identify and explore areas of quality investment that will enhance this emerging sector. We are committed to working together to drive it forward, using all of our capabilities to support our government’s direction and achieve our leadership’s vision. We The goal is to chart a new roadmap for a promising future, deepening the friendship and partnership between the UAE and India,” Al Owais further said

His Excellency Pravin Rane commended SCCI’s trade visit to India, emphasizing India’s commitment to strengthen cooperation with Sharjah and promote trade activities and mutual investment, as Indian businessmen are very interested in using the UAE, especially Sharjah, as a launch pad for their business growth ,expansion.

Rane further outlined Mumbai’s attractive investment prospects, highlighting its attractiveness in different sectors such as trade, agriculture and food industry. He highlighted the need to work with the Sharjah Chamber of Commerce to identify a plethora of business expansion opportunities, thereby providing the best options for investors seeking to establish operations in India and Sharjah.

During SCCI’s visit to India, which is scheduled to last until June 2, the delegation will go to New Delhi as the second stop. There, it will oversee the formation of a business forum aimed at bringing together members of the delegation with officials and prominent personalities from the local Chamber of Commerce and Industry. In addition, various events and conferences will be organized by the UAE and Indian business communities to identify potential investment opportunities and promote joint economic partnerships.


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