Sharjah and India to strengthen economic and investment relations

The Sharjah Chamber of Commerce and Industry (SCCI) stressed the importance of strengthening economic relations between the Emirate of Sharjah and the Republic of India, by highlighting the available investment opportunities and the facilities and incentives offered by both sides in various vital sectors.

This came during the Sharjah-India business forum organised by the SCCI on the sidelines of the visit of a delegation from Global Network India, an International Trade Consulting Firm.

The forum was attended by Abdulaziz Shattaf, Assistant Director-General for Communication and Business Sector, SCCI, Dr. Jagat Shah, President of the Global Network India, and 16 Indian companies specialising in the sectors of trade in building materials, electronics, food products, agriculture, health, education, and chemical manufacturing.

Pointing to the importance of the forum in meeting the evolving needs of foreign investments coming from India to the Sharjah markets, Abdulaziz Shattaf said that the UAE and India have a long history of commercial, social and cultural relations.

He pointed out that UAE has invested $10 billion in India in the last five years, stressing the SCCI’s eagerness to strengthen this partnership and achieve the two countries’ directions that the value of mutual trade reaches about $100 billion over the next five years.

This can be achieved by paying more attention to new vital sectors such as Jewelry, gold industry, medical equipment, information technology, textiles, building materials, etc, noted Shattaf.

“The number of Indian companies investing in the Emirate of Sharjah has reached about 22,242 companies, most of which are specializing in the sectors of education, trade and health. The Emirati investment in India focuses on the sectors of manufacturing, ceramics, navigation, sea and air freight, oil and gas, and tourism. The number of Emirati delegations to India in 2020 and 2021 amounted to about 232 visits, in addition to about 1,106 flights between the UAE and India per week, as well as 33 agreements concluded between the UAE and India for cooperation in various and vital sectors,” Shattaf said in conclusion.

For his part, Dr. Jagat Shah described the business environment in Sharjah as distinct and innovative, enjoying global capabilities and great competitive advantages, underlining that the Emirate of Sharjah is an ideal location for establishing companies for diversity and ease of shipment to and from it.

Shah expressed the keenness of the Global Network India to organize many meetings during the next year and to enhance cooperation with the Sharjah Chamber to support the prosperity of trade exchange and open future prospects for economic partnership during the coming stages.

In turn, the representative of the Sharjah Airport International Free Zone said that SAIF Zone’s participation in such meetings aims to introduce its unique advantages and privileges to international companies and institutions.

He pointed out that the SAIZ Zone is home to over 7,500 companies, pointing to the incentives provided to investors and companies, such as 100 per cent foreign ownership of businesses, 100  per cent repatriation of capital and profits, and 100 percent corporate or personal income tax exemptions, 100 per cent import and export tax exemptions.

Earlier the Sharjah Chamber of Commerce and Industry (SCCI) stressed its keenness to step up efforts to deepen the ties of Sharjah with Southeast Asian countries, by finding joint mechanisms to enhance trade, investment and exports between the emirate and Malaysia, in order to increase the shares of Emirati products in the Malaysian markets, which are a gateway to the markets of Southeast Asia.

This came during the Sharjah-Malaysia business forum organised recently by the SCCI at its premises on the sidelines of the visit of a commercial delegation from Malaysia External Trade Development Corporation (MATRADE). The forum was attended by Abdulaziz Shattaf, Assistant Director-General for Communication and Business Sector, and Sharimaton Mat Salih, Executive Vice President of Malaysia External Trade Development Corporation (MATRADE).

Abdulaziz Shattaf said that the SCCI is eager to develop economic cooperation relations between the business communities in both sides and encourage them to build constructive and fruitful long-term partnerships.

He underlined that the SCCI strives to strengthen joint efforts in terms of commercial promotion of available investment fields, benefitting from the existing friendly relations between the two countries.

Shattaf also added that the SCCI is keen to develop bilateral relations and push them towards more advanced and prosperous prospects, highlighting the cooperation agreement signed between the SCCI and Malaysia External Trade Development Corporation in 1994.