SCCI’s UAE-India Business Forum  discusses investment opportunities

The Sharjah Chamber of Commerce and Industry (SCCI) has embarked on a landmark trade mission to the Republic of India, marking a significant step in strengthening economic ties between the two nations. The trade mission’s first leg commenced with the highly successful UAE-India Business Forum held in Mumbai, India’s bustling commercial capital.

The UAE-India Business Forum, organised by the SCCI, brought together key business leaders, government officials, and industry experts from both Sharjah and Mumbai. The event aimed to showcase the investment advantages of Sharjah and Mumbai while highlighting the vast array of promising opportunities available across various economic sectors.

Sharjah and Mumbai, recognised as leading industrial and commercial centers in their respective regions, were praised for their significant contributions to the economic growth of the UAE and India. The forum emphasised the vital role they play in fostering the growing relations between the two nations at various levels.

Led by Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), the mission, organised by the Sharjah Export Development centre, aimed to build on the successes being achieved by the UAE-India Comprehensive Economic Partnership Agreement, which came into force in May 2022. The agreement represents a new era of economic cooperation,based on mutual interests between the two friendly nations.

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

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

The forum discussed coordinating efforts with Chambers of Commerce, Industry, and Investment Authorities in Mumbai to attract more Indian businessmen to invest in Sharjah and open new markets for SCCI members to enable them to expand their businesses, increase foreign investments, and boost the export of national products.

The forum featured bilateral meetings between SCCI businessmen and their counterparts in Mumbai. The discussions revolved around investment opportunities and advantages available in both countries to foster partnerships that serve the private sector, increase trade exchange, and establish projects in various sectors.

Abdullah Sultan Al Owais underscored that the UAE and India maintain deeply entrenched and historical bilateral relations that reflect positively on the close cultural, humanitarian, and civilisational bonds, along with the burgeoning economic interests that are continuously developing between the two business communities. “This enduring relationship, nurtured and fostered by the benevolent patronage of the leadership from both nations, remains an unshakable testament to the friendship shared by these two countries, and it promises to continue to strengthen in the years to come.” Al Owais said

“Owing to the visionary insights and directives of its wise leadership, the Emirate of Sharjah has adopted flexible trade policies that leverage its qualitative capabilities and exceptional privileges. Sharjah’s strategic geographical location, overlooking the Arabian Gulf and the Indian Ocean, coupled with our policy of international openness, has enabled us to strengthen our ties with all countries of the world. These key factors have significantly contributed to building strong foreign partnerships and enhancing our trade exchanges with continents worldwide. Our economic relationships span from the shores of Africa to the Indian subcontinent, marking 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 went on to say: “Sharjah has steadfastly enhanced its relations with India over the years, experiencing significant progress in trade exchanges, exports, re-exports, and imports. The volume of trade exchange between Sharjah and India in 2021 surpassed Dhs2 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 nations. The partnership has witnessed a considerable increase of 24.7 per cent in the first quarter of 2023 compared to the previous quarter; meanwhile, the UAE’s non-oil exports to India have increased by 33 per cent.