Dubai keen to expand India trade
$26B value of dubai’s non-oil trade with India in 2016
dubai — Dubai is committed to expanding the scope of bilateral trade with India to new sectors and areas, Majid Saif Al Ghurair, Chairman, Dubai Chamber, said on Sunday, as he stressed the Indian market’s strategic importance for businesses in the emirate.
Emphasising the strong trade and political ties between the UAE and India, Al Ghurair praised the contribution of Indian companies to Dubai’s economic growth and development.
“The number of Indian companies registered with the Dubai Chamber has grown to exceed 37,000 even as Dubai’s non-oil trade with India reached $26 billion in 2016,” Al Ghurair said, adding that the chamber intends to further enhance economic cooperation and expand the scope of bilateral trade to new sectors and areas.
Addressing ‘India Focus Briefing’ which was aimed at familiarising Dubai businesses with trade and investment opportunities opening up across various economic sectors in India, the chamber chief said the opening of the Chamber’s office in Mumbai later this year would give a major boost to Dubai’s efforts to explore business opportunities in India.
“The office will promote Dubai as an attractive hub for Indian companies and facilitate new partnerships that add value for our members,” Al Ghurair said.
The India Focus event, held at Dubai Chamber’s premises, was organised in cooperation with the Consulate of India in Dubai, and attended by Indian Consul-General in Dubai Vipul; Subhas Desai, Minister of Industries, Government of Maharashtra; Sharafuddin Sharaf, vice-chairman, Sharaf Group, senior Dubai Chamber officials and members, as well as representatives from the emirate’s business community.
Areas of growth
Giving the keynote address, Vipul noted that plans are currently in place to increase UAE-India trade by 60 per cent over the next five years. He noted that there are plenty of opportunities for expanding the scope of trade between the UAE and India, especially in the areas of food processing, water, infrastructure and pharmaceuticals.
According to speakers at the event, the $2.45 trillion Indian economy is projected to record 7.6 per cent growth in 2018 and 7.8 per cent in 2019, as its share of the global GDP would rise to 7.32 per cent in nominal terms. The country, which is also poised to emerge as the youngest country in the word by 2020 with an average age of 29 years, will have a surplus workforce of 47 million against a deficit of 10 million in China and 17 million in the US.
“By 2030, India’s workforce will have an average age of two years. In comparison, during the same period, the average age of is expected to be 43 years in China and 39 years in the US.”
India’s vibrant economic growth has spurred foreign direct investments estimated at $60 billion in 2016-17, up eight per cent, while its foreign currency reserve stand at a high of $393 billion as of August 2017. Desai praised Dubai Chamber’s decision to open a representative office in Mumbai and described it as a strategic move that will boost cooperation between business communities on both sides. He said his government is committed to supporting the new office and ensuring its success.
Sharaf said it was the remarkable Indian growth story that promoted his group to start business investment programme in India.
“It is because of our age-old close relationship with India and Indians that we actually feel at home in the country. So, in reality, India today is a second home for us. And as such, it is an honour and pleasure for us to extend our home, relationship and investment in India,” said Sharaf.
The briefing also included speeches and presentations from Bidisha Ganguly, chief economist at the Confederation of Indian Industry, The Economist Intelligence Unit, and India’s Ministry of External Affairs.
Dubai Chamber regularly organises Country Focus Briefings in cooperation with embassies, business councils and commercial representative offices in Dubai, with the aim of highlighting and exploring business opportunities in promising markets around the world.