Dubai Chambers explores new horizons for trade and investment during the Dubai-India Business Forum in Mumbai
On the sidelines of the visit of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence and Chairman of the Dubai Executive Council, to India, Dubai Chambers concluded the Dubai-India Business Forum, which it organized today (Tuesday) in Mumbai. The forum was attended by more than 200 senior officials and investors, with the participation of 39 prominent leaders of the business community in Dubai. The forum aimed to explore ways to enhance joint strategic economic opportunities.
The forum coincides with the momentum witnessed by bilateral relations, marking the third anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India, which was signed on February 18, 2022. This agreement was the first bilateral agreement concluded by the UAE under the Comprehensive Economic Partnership Agreements.
The forum reviewed prospects for expanding trade and investment cooperation between the business communities in Dubai and India, and developing joint investments and projects.
Participants at the meeting discussed the competitive advantages and promising economic potential of Dubai and India, and ways to leverage them to stimulate the growth of bilateral trade and investment.
In his opening remarks at the forum, His Excellency Ahmad Bin Byat, Vice Chairman of Dubai Chambers, said that Dubai and India enjoy exceptional relations based on mutual trust and economic integration. India enjoys a significant position as a major trading partner for the emirate, with the value of non-oil trade between the two sides exceeding AED 142 billion during the first nine months of last year, a 19% year-on-year growth.
He added, “As we celebrate the third anniversary of the Comprehensive Economic Partnership Agreement between the UAE and India, we are confident that bilateral trade will increase and grow in the long term.”
For his part, His Excellency Mohammed Ali Rashid Lootah, President and CEO of Dubai Chambers, said, “Dubai enjoys a strategic position for Indian companies as a preferred investment destination, thanks to its integrated competitive advantages.”
Indian investors constitute a major part of the emirate’s business landscape. The total number of active Indian companies registered with the Dubai Chamber of Commerce reached 72,651 by the end of March, while 4,563 new Indian companies joined the Chamber during the first quarter of this year, a growth of 16.2% year-on-year. Indian companies thus rank first in terms of the number of foreign companies operating in Dubai and registered with the Chamber.
His Excellency added that organizing the Dubai-India Business Forum in Mumbai falls within the framework of Dubai Chamber’s commitment to developing cooperation between the business communities in Dubai and India, and exploring promising new opportunities in a range of vital sectors.
He pointed out that this event provides a unique platform for expanding economic ties and exploring joint investment prospects, while simultaneously exploring innovative ideas and proposals that would enhance trade and investment relations and develop long-term partnerships to achieve common development goals.
The forum featured a panel discussion featuring His Excellency Mohammed Ali Rashid Lootah, President and CEO of Dubai Chambers; Adeeb Ahmad, President of the Federation of Indian Chambers of Commerce and Industry (FICCI) – Arab Council; R Mukundan, Vice President of the Confederation of Indian Industry (CII); and Anant Singhania, Former President and Member of the Organizing Committee of the Indian Chambers of Commerce and Industry (IMC).
The panel discussed the promising prospects for Dubai-India relations in the areas of trade, investment, and international expansion in light of the changing global trade landscape. The panel highlighted Dubai’s role as a strategic destination for Indian companies to expand into global markets.
The session also addressed how companies can leverage Dubai’s position as a leading trade and investment hub, and ways to build new horizons for cooperation and bilateral trade to enhance Dubai and India’s position on the global economic map.
The Dubai-India Business Forum contributes to achieving the Dubai Chambers’ goals of strengthening strategic economic partnerships, developing cross-border trade, and creating new investment opportunities locally and globally, in addition to exploring new horizons for business, trade, and investment between Dubai and major markets around the world. den/uncle
