DUBAI: The Dubai Chamber of Commerce and Industry recently concluded a successful trade mission to India which was organised to facilitate economic cooperation and explore trade and investment opportunities in the country. The trade mission, part of the Dubai Chamber’s Global Business Forum roadshow, was joined by dignitaries, officials and businessmen, who visited Mumbai and Ahmedabad, and met with key stakeholders from the cities’ public and private sectors.
During the visit, plans were revealed by the chamber to open a new representative office in Mumbai later this year, with the aim of boosting bilateral trade and assisting UAE-based companies that want to enter the Indian market. The office will also work to promote Dubai as an attractive trade and investment hub, and attract Indian companies that plan to expand to Dubai and access markets in the GCC and Africa. High-level meetings and sessions were attended by Devendra Fadnavis, Chief Minister of Maharashtra, Vijay Rupani, Chief Minister of Gujarat, Ahmed Abdulrahman Al Banna, UAE Ambassador to India, chamber officials, and representatives from India’s private sector. Fadnavis lauded Dubai Chamber’s efforts to strengthen trade relations with India over the years, noting that Dubai is an ideal partner as the emirate shares historic trade and cultural ties with India.
Addressing delegates in Mumbai, Majid Saif Al Ghurair, Chairman of Dubai Chamber, highlighted the importance of the roadshow as it provided an ideal platform for UAE companies to learn out India’s business environment, while it also enabled the Chamber to showcase the various advantages that the emirate can offer Indian businesses. He revealed that the number of Indian companies registered with the Dubai Chamber now exceeds 36,000. He added that Indian companies accounted for 29% of all new members in 2016, and noted the important contribution of Indian businesses to the emirate’s economy.
Dubai Chamber’s Chairman stated that the trade mission to India helped build on progress that was achieved following the recent visit of H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces to India. During the visit, 14 strategic agreements were signed between the two countries that aim to boost cooperation in a wide range of sectors and areas. Speaking during a meeting with Mr. Rupani, Hamad Buamim, President and CEO, Dubai Chamber, explained that the visit falls in line with the chamber’s strategy to explore promising markets and identify opportunities that offer the most potential to its members. He pointed out that India remains Dubai’s second largest trading partner in 2016 with AED 94 billion in non-oil bilateral trade, adding that the agriculture, pharmaceuticals and textile industries accounted for a large share of this volume. Mr. Buamim described the move to open an office in Mumbai as a step in the right direction, and stated that it would help facilitate investment flows between the UAE and India in a number of sectors.