Sharjah Chamber is looking to strengthen the economic partnership with India
Sharjah, April 22 / WAM / The Sharjah Chamber of Commerce and Industry discussed ways to enhance economic and investment cooperation relations with the private sector in the friendly Republic of India and expand commercial partnerships between the two countries within the framework of the Chamber’s keenness to consolidate the emirate’s position as a leading destination for investment and to continue its role in building bridges of communication between the Emirati business community and its Indian counterpart and support joint initiatives aimed at raising the level of trade exchange and developing investments between the two sides.
This came during a meeting between His Excellency Abdullah Sultan Al Owais, Chairman of the Board of Directors of the Sharjah Chamber of Commerce and Industry, with His Excellency Dr. Deepak Mittal, Ambassador of the Republic of India to the country, in the presence of Abdulaziz Al Shamsi, Assistant Director General of the Communications and Business Sector, Lalu Samuel, Chairman of the Indian Business and Professions Council in Sharjah, and a number of officials from both sides.
During the meeting, ways were discussed to advance the existing economic and trade cooperation between the Emirate of Sharjah and the Republic of India to broader levels in light of the rapid growth witnessed by the comprehensive strategic partnership between the UAE and India.
The investment opportunities provided by the Emirate of Sharjah to Indian companies wishing to expand their presence in the region and the incentives and facilities provided by the Emirate to the Indian business community were also reviewed.
Abdullah Sultan Al Owais stressed that the meeting reflected the depth of the strategic relations between the UAE and India and the strength of the economic partnership that brings them together, and establishes a new phase of joint cooperation between the Sharjah Chamber and the Indian Embassy to serve the interests of the business communities and raise the level of trade and investment exchange between the two sides. He pointed out the importance of continuing joint work to reach the volume of bilateral trade between the two countries to reach the goal of $100 billion, stressing the Chamber’s commitment to supporting Indian companies operating in the emirate and enabling them to expand in regional markets starting from Sharjah.
He said that the Emirate of Sharjah is a leading destination for Indian investment in the region, pointing to the depth of the historical ties that unite Sharjah with India, the growth in the volume of non-oil trade between the UAE and the Republic of India, and the rise in the country’s non-oil exports to India by a record rate of 75.2%, making India the first export destination for the Emirates in the world. He pointed out that the trade missions organized by the Chamber to India have succeeded in opening new horizons for local companies, and that Sharjah’s proactive strategies have succeeded in increasing the number of Indian companies registered with The chamber reached more than 20 thousand companies.
The Indian delegation stressed the importance of strengthening economic relations between the Republic of India and the Emirate of Sharjah, praising the strategic economic location that the emirate enjoys as a vital center for international trade and the growing importance of the Khor Fakkan Port, noting that the UAE constitutes a leading global model in trade connectivity and facilitating the flow of business and plays a pivotal role in facilitating regional and international connectivity between markets.
He stressed the keenness to work jointly with the Sharjah Chamber to enhance the presence of Indian companies in the emirate and support joint initiatives that contribute to improving the economic partnership between the two countries.
The meeting reviewed the ongoing preparations for the Chamber’s next trade mission to India, scheduled to be launched next June, based on the importance of the annual visits and trade missions organized by the Sharjah Chamber of Commerce and Industry to the Republic of India and their role in strengthening partnerships between the private sectors on both sides and opening channels of communication between investors in the two countries.
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