The Sharjah Chamber of Commerce and Industry called on Indian companies and economic events to take advantage of the promising investment opportunities in Sharjah, especially in light of the distinguished facilities and incentives it provides to those wishing to invest in the emirate, as part of its keenness to expand the horizons of trade and investment cooperation, enhance mutual economic relations, and increase the volume of exchange. trade between the two sides.
This came during the UAE-Indian Business Forum, which was held yesterday, Monday, and organized by the Sharjah Chamber of Commerce and Industry at its headquarters, on the occasion of the visit of an Indian delegation to the UAE, represented by the Federation of Indian Chambers of Commerce and Industry. General of the Sharjah Chamber, Meenakshi Sharma, Assistant Secretary-General of the Federation of Indian Chambers of Commerce and Industry, and Abdulaziz Shattaf, Assistant Director-General of the Communication and Business Sector. The forum also witnessed the participation of heads and CEOs of a number of Indian companies wishing to invest in the emirate in various vital economic sectors.
Memorandum of Understanding
The forum witnessed the signing of a memorandum of understanding between the Sharjah Chamber and the Federation of Indian Chambers of Commerce and Industry, aimed at encouraging, promoting and facilitating economic cooperation between business communities, through the exchange of trade delegations and discussions in the fields of export and economy in general, as well as promoting available investment opportunities with the aim of encouraging bilateral investments. .
The forum stressed the importance of intensifying cooperation efforts and exploring opportunities during the next stage in the important sectors, most notably industry, trade, investment, agriculture, livestock, food products, renewable energy, tourism, infrastructure and logistics services, and that this forum contribute to expanding investments and projects in these sectors, and promoting joint action to raise trade exchanges. Increasing opportunities for UAE exports to reach Indian markets.
Abdullah Sultan Al Owais expressed the Chamber’s welcome to the Indian delegation, stressing that the UAE and India share exemplary and ancient diplomatic, economic and cultural relations, pointing out that the forum will be a new starting point towards enhancing economic cooperation, trade exchange and the flow of investments in both directions, noting that the Emirate of Sharjah is considered A major contributor to the development and strengthening of these relations between the two friendly countries at various levels, pushing them to promising horizons, and towards more cooperation and mutual benefit in various sectors and fields.
Al Owais pointed out that the comprehensive economic partnership between the two countries represents the culmination of a long history of economic, trade and investment relations between them. India is the second largest trading partner of the UAE, accounting for 9% of the UAE’s trade volume with the world, and 13% of the UAE’s non-oil exports. During the first half of this year, the value of intra-regional trade amounted to $21 billion, a growth of 70% compared to the same period of Last year, the UAE is also the third most important source of India’s imports, and it alone accounts for 40% of its total trade with the Arab world, and about 13% of India’s exports are re-exported through the UAE to the Gulf Cooperation Council, Iran, Iraq and some Central Asian countries. To double the volume of non-oil trade with India to about $100 billion over five years, as part of efforts to deepen ties with fast-growing economies.
Al Owais stressed the importance of India as one of the main economic poles that the Chamber is always keen to enhance levels of partnership with, by developing strategies to ensure the entry of more Indian investments into various promising sectors in the Emirate of Sharjah, thus enriching the distinguished relations existing between the UAE and India, and in a way that enhances Sharjah’s presence On the map of international business centers.
Meenakshi Sharma expressed the Indian companies’ keenness to strengthen trade relations with the UAE, especially with the Emirate of Sharjah. Because of its promising opportunities and preferential advantages to push forward the development of these relations, and to enhance joint cooperation in many vital sectors represented by Indian companies, noting that the Federation of Indian Chambers of Commerce and Industry has more than half a million partnerships with international bodies and companies, and this is an incentive Emirati companies to enhance their investments in India through the union, stressing that her country’s economic policy is moving in the same direction with the UAE, pointing out that the memorandum of understanding with the Chamber will establish a new stage of strengthening cooperation to support the prosperity of trade exchange and open future prospects for economic partnership during the next stages between the two friendly countries. .
Following the main session of the forum, a series of side and bilateral work meetings were held between the heads and directors of Emirati and Indian companies, with the aim of opening new channels of communication for dialogue, exchanging opinions and experiences, and identifying opportunities available to each of them, with a view to developing areas of cooperation, and studying the possibility of establishing joint projects that serve the interests of both parties. Souvenir gifts were also exchanged between the head of the Indian delegation and the Sharjah Chamber.