Sharjah Chamber of Commerce and Industry (SCCI), represented by the Sharjah Exports Development Centre (SEDC), has successfully concluded its trade mission to India by arranging 365 bilateral business meetings.
These meetings brought together representatives of companies participating in the trade mission and more than 220 Indian businesses operating across various economic, industrial, and investment sectors.
In its second leg, the trade mission organised the Sharjah-India Business Forum in the Indian city of Mumbai. The event was aimed at exploring avenues for boosting trade volumes and expanding economic cooperation across diverse domains of commerce and industry.
Discussions also veered towards introducing the promising investment opportunities in both Sharjah and Mumbai, encouraging business communities to invest in sectors and areas aligned with the economic visions of both countries.
The forum was attended by Abdullah Sultan Al Owais, Chairman of the SCCI, alongside Abdulla Husein Almarzooqi, Consul General of the UAE in India; HE Waleed Abdul Rahman Bukhatir, Second Vice Chairman of the SCCI Board of Directors, and HE Ziyad Mohmoud Khairalla, Board Member Honorary Treasure at SCCI.
Also present were Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI; Jamal Saeed Buzangal, Director of the Media Department at SCCI; Marwan Salem Al Muhairi, Head of Exhibitions at the Sharjah Exports Development Centre (SEDC) affiliated with Sharjah Chamber, and Sultan Abdullah Al Ali, Head of the Investor Services Department at SCCI, as well as Lalu Samuel, Chairman of the Indian Business and Professional Council in Sharjah, in addition to several CEOs and officials of industrial, production, and export companies in the emirate.
During the forum, the Sharjah Chamber’s delegates organised over 205 bilateral business meetings, bringing together representatives of companies participating in the trade mission and more than 110 Indian companies operating in Mumbai, representing various sectors and investment areas.
Furthermore, discussions were held with key stakeholders from both the public and private sectors to exchange expertise and explore investment opportunities available across different economic sectors.
Addressing the meet, Abdullah Sultan Al Owais emphasised that the Sharjah Chamber’s trade mission to Mumbai is a significant step towards bolstering economic ties and trade exchanges between Sharjah and India.
Mumbai, renowned as a global commercial powerhouse, serves as an optimal destination for the SCCI’s mission, with expectations high for the pivotal role that the local business community and operating companies will play in augmenting economic collaboration, attracting joint investments, and enhancing the presence of Indian businesses and enterprises in Sharjah.
These anticipations stem from the UAE-India deep-rooted historical ties, which have been further solidified by the Comprehensive Economic Partnership Agreement (CEPA). This agreement has greatly enhanced the non-oil trade volume between the two countries over the past two years. From April 2022 to March 2023, bilateral trade between the UAE and India reached $84.5 billion, with that figure expected to rise to $100 billion by 2027.
Al Owais reiterated the Sharjah Chamber’s invitation to the business community in Mumbai to explore the diverse and attractive investment opportunities available in the UAE, particularly in the Emirate of Sharjah, across various crucial economic sectors.
He emphasized the Chamber's commitment to fostering with India's business ecosystem to expand existing partnerships, exchange expertise, and seek new opportunities that will significantly contribute to the economic development and prosperity of both nations.
He also highlighted the imperative of bolstering bilateral exports, noting that India's exports to the UAE stood at $31.60 billion in 2023, while India’s imports to UAE during 2023 amounted to $53.23 billion. These figures demonstrate the robustness of the UAE-India investment ties, with UAE's direct investments in India reaching around $17 billion by the end of September 2023.
During the forum, key decision-makers from the governmental and private sectors in both Sharjah and Mumbai engaged in discussions focusing on the promising investment prospects in the Indian city and the emirate’s business landscape alike.
The forum put spotlight on Sharjah’s investment allure and its pivotal role in fostering the UAE’s industrial sector growth. The discussions outlined the facilitations the emirate offers for investors, with particular focus on the privileges and advantages offered by its specialized free zones, which further bolster Sharjah’s endeavors to attract investors, particularly Indian entrepreneurs keen on establishing thriving enterprises.
On the sidelines of the forum, the SCCI’s delegates held an extensive business meeting that was attended by HE Abdullah Sultan Al Owais and other members of the delegation, alongside Abhishek Patil, Investment Advisor in the Government of Maharashtra, India.
Discussions during the meeting revolved around developing a general framework for economic cooperation between both sides. The objective is to foster commercial and industrial partnerships that will significantly enhance the overall economic relations between the two countries.
This involves creating a joint business model/pattern, with its fundamental guidelines to be established through ongoing communication between the two sides in the near future. Various proposals were also discussed to bolster collaborative efforts within the UAE and India’s private sectors.
Additionally, the SCCI delegates held a meeting at the Mumbai-based Plastics Export Promotion Council (PLEXCONCIL), in the presence of Abdullah Sultan Al Owais and other members of the delegation, along with Saribash Dasmo, PLEXCONCIL Executive Director, and several officials from both sides.
The meeting aimed at detailing the services and activities provided by the India’s Plastics Export Promotion Council. It also entailed an overview of the Sharjah Expo Centre’s activities and the international exhibitions it hosts and sponsored in partnership with the Sharjah Chamber.
During the meeting, Indian companies were invited to participate in exhibitions held in the emirate of Sharjah, including the upcoming edition of the SteelFab Exhibition.
For his part, Abdullah Sultan Al Owais underscored the commitment of the Sharjah Chamber and business leaders in the emirate to forge partnerships with Indian businesses across various sectors. The aim is to expand their reach to more regional markets, leveraging Sharjah’s advanced infrastructure, logistical services, and facilitations, which serve as catalysts for commercial and industrial prosperity.
The trade mission delegates highlighted the latest specialized investment projects in Sharjah, which aim at attracting and incentivizing investors to establish industrial ventures and enterprises therein, as part of the SCCI’s mission to support entrepreneurs and micro-, small and medium-sized enterprises (MSMEs).
The SCCI’s delegates also emphasised the importance of encouraging member and affiliate companies to participate in PLEXCONNECT 2024 Exhibition scheduled to be held in Mumbai, India, next month.
The meeting delved into the investment prospects within the plastics industry, highlighting the Sharjah Chamber’s initiatives to bolster Indian industrial investments.
It also provided insights into the magnitude of trade exchanges between the UAE and India, which encompass a variety of plastic products. This is particularly significant as the UAE stands as India's second-largest trading partner in plastics imports, with a value exceeding $500 million.
In its first leg, the Sharjah Chamber's trade mission organised the Sharjah-India Business Forum in Indian city of Chennai. The forum’s agenda featured more than 160 bilateral business meetings representatives of companies participating in the trade mission and more than 100 Indian companies in Chennai, representing various sectors and economic activities.
From May 5 to May 10, the SCCI’s delegates from trade and industrial companies’ representatives also conducted field/site visits to key economic establishments and factories, where discussions centered on exploring cooperation opportunities, industrial integration, knowledge exchange, and identifying best practices to establish investment partnerships benefiting both sides.