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Tuesday, September 26, 2023

Sharjah Chamber’s trade mission to India highlights investment opportunities available in Sharjah


The Sharjah Chamber of Commerce and Industry (SCCI) has taken the next step in its trade mission in the Republic of India, staging the “UAE-India Business Forum” in New Delhi. The forum discussed the deep-rooted economic ties between the UAE, the Emirate of Sharjah, and India while also highlighting promising business prospects in a multitude of sectors and services in both Sharjah and New Delhi.

The high-profile event was attended by HE Abdullah Sultan Al Owais, Chairman of SCCI, and a host of dignitaries including HE Waleed Abdul Rahman Bukhatir, Second Vice Chairman of the Board of Directors, SCCI; HE Ahmed Mohamed Obaid Al Naboodah, Board Member, SCCI; and HE Majid Al Nukhaouli, Charge d’Affaires at the UAE Embassy to India.

Other distinguished guests included HE Sachin Kumar, Deputy Director of the Trade Promotion Council of India; Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at the Chamber; HE Jamal Saeed Buzangal, Director of the Media Department; Ali Al Jari, Director of the Sharjah Exports Development Center (SEDC); and Lalo Samuel, Chairman of the Indian Business and Professional Council in Sharjah. The event was also attended by a large number of senior manufacturers and traders from both Sharjah and New Delhi.

During the event, HE Abdullah Sultan Al Owais spoke highly of the UAE-India comprehensive economic partnership agreement (CEPA)  saying: “The first year of the CEPA has witnessed a remarkable progression. Our non-oil bilateral trade in 2022 amounted to an impressive AED 180 billion, marking a 10% increase from the previous year. Moreover, India’s exports to the UAE rose by 26%, and re-exported goods showed a 10% increase, firmly consolidating our two nations’ positions as central players in international trade.”

He added, “With 17,500 Indian companies operating in Sharjah, our economic interconnection is palpable. In 2022, Sharjah’s exports to India reached a value of AED 2.8 billion, with re-exports amounting to about AED 700 million and imports valued at approximately AED 2.5 billion.”

Al Owais highlighted the importance of recent developments in strengthening ties. “This year we also saw the launch of the New Indian Professional Business Council in Sharjah. This initiative was born out of our vision to build business councils for brotherly and friendly nations, embodying and expressing the aspirations of business communities. This will undoubtedly strengthen joint cooperation, increase trade, and promote investment exchanges.”

Al Owais concluded with an ambitious outlook for the future: “These developments underscore the strength of our economic ties and constitute a major step towards our 2030 target: to double trade between our two nations by 120% and reach a monumental $100 billion within the next five years.”

For his part, HE Majid Al Nukhaouli lauded the initiative taken by the Sharjah Chamber, organizing the trade mission. He said, “The SCCI trade mission to India will play a critical role in promoting the economic bond between the UAE and India. We are teeming with promising investment opportunities that demand our collective efforts to unearth and attract businesses to invest and transform them into sustainable projects fostering prosperity in our two friendly nations.”

Meanwhile, Sachin Kumar emphasized the significance of the forum and the mission’s visit. He said, “The UAE-India business forum together with the trade mission provide a perfect platform to broaden the horizons of trade and investment cooperation and inspire collective work. It allows us to closely observe the investment arenas in both countries based on our strong bilateral relations, which are growing at a rapid pace. Over 3.8 million Indians are in the UAE, many of whom are manufacturers and traders, they have achieved remarkable success in various vital sectors such as textiles, building materials, technology, retail, education, health, and more. Sharjah, with its excellent infrastructure, services, and incentives for foreign investors, has significantly contributed to these achievements.”

Additionally, Lalu  Samuel spoke about the investment environment in the UAE. He said that the UAE, with its 10 major ports, 12 commercial ports, and 9 airports, offers an ideal infrastructure. “As the seventh highest country in GDP globally and Sharjah boasting 19 industrial zones, 5 free zones, and more than 3,000 manufacturing units, we provide an optimal destination for family life. Sharjah’s strategic location facilitates rapid communication with two-thirds of the world’s population.”

Samuel urged the Emirati and Indian business communities to bolster partnerships, make joint investments, and pioneer new initiatives in emerging priority sectors.

The Sharjah delegation has also held a comprehensive meeting with the Federation of Indian Chambers of Commerce and Industry in the presence of HE Adib Ahmed, Chairman of the Middle East Council of the Federation of Indian Chambers of Commerce and Industry, along with other FICCI members.

The meeting discussed the importance of bolstering India’s connectivity with Sharjah’s diversified economy. It explored avenues for Indian companies to enhance their presence in the Middle East and North Africa region via Sharjah through investing in key sectors such as agriculture, food security, technology, innovation, logistics, tourism, cultural affairs, water resource management, renewable energy, and education.”

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