15TH MARCH, 2023
The Federation of Indian Export Organisations (FIE0) organized a business roundtable
with officials from government of Sharjah to explore potentials for increasing bilateral
trade between India and UAE in the context of emerging opportunities after signing of
India – UAE Comprehensive Economic Partnership Agreement signed during Feb, 2022.
While highlighting the potentials of increasing bilateral trade,
H.E. Mohamed Juma Al Musharrkh, CEO, Sharjah FDI office (Invest in Sharjah), said that till last month the trade between India and UAE increased more than 30% compared to last year to cross USD 62
Billion and expected to cross the targeted trade of USD 100 Billion much before targeted
period of 5 year..
The delegation from Sharjah comprise of H.E Mohamed Juma Al Musharrkh, CEO, Sharjah
FDI Office (Invest in Sharjah); HE Hussain Al Mahmoudi, CEO, Sharjah Research Technology and Innovation Park and Mr. Salim Alyammahi, Head of Partner Relations Division, Sharjah Economic Development Department (SEDD). Looking for having collaboration with business from Bangalore, which is the technology hub of India whereas Sharjah is focusing on innovation, R & D and sectors viz. Advanced Manufacturing, Culture and Tourism, Health and wellbeing, GREENTECH, Agri- food technology, Mobility and logistics and Human Capital and Innovation, as government of
Sharjah is focusing investment in above sectors.
The visiting delegates informed that Sharjah can be focused by industries in Karnataka for not only for reaching to emerging UAE market but also entire MENA region.
HE Hussain Al Mahmoudi, CEO, Sharjah Research Technology and Innovation Park, while addressing the participants said that government give preferences to technology and innovation which will be the key growth area of Sharjah. Sharjah is posing for the leadership in R & D, technology and innovation to become leader in GCC region.
Mr. Salim Alyammahi, Head of Partner Relations Division, Sharjah Economic Development Department (SEDD), said that UAE is having Free trade agreement with many countries including Israel, Turkey etc. and hence, starting operations from Sharjah will help Indian Companies to reach all these lucrative markets apart from Middle East and North Agric which otherwise may be difficult for Indian Companies to expand. Whole welcoming the delegation
Mr. Unnikrishnan K, Jt. DG said that GDP growth projection for UAE for the year 2023 is 4.2% compared to world economy which is expected to grow only 2.9% while India’s major market like US (GDP Growth of 1.4%), EU (below 1%) show slower growth. Hence there is an urgent need of Indian Entrepreneurs to look for higher growth markets like GCC, Africa, CIS region etc., to expand trade further and operating form Sharjah will help Indian Companies to reach all potential markets and accelerate India’s growth story
