Sharjah–India Roundtable deepens economic synergies

With 15,868 Indian companies operating in the mainland in Sharjah and 10,000 across its specialized free zones, the growing economic and commercial relations between Sharjah and India saw the value of exports and re-exports from India rise to Dh1.14 billion in 2021.

The Sharjah FDI Office (Invest in Sharjah), in collaboration with the Consulate General of India, Dubai, organised a Sharjah–India Business Roundtable on Thursday 2022 at the House of Wisdom to explore greater economic ties and synergies between Sharjah and India and expand commercial, industrial and investment cooperation in several high-priority sectors

In line with India’s continued interest in the emirate’s diversified economy and following the UAE-India Comprehensive Economic Partnership Agreement (CEPA) signed in February 2022, the roundtable sought to promote investment opportunities in competitive sectors and highlighted the range of services and facilities offered by various government organizations in the emirate.

Building on the stability and strength of a rapidly diversifying and deepening bilateral relationship between the emirate and India, the roundtable placed a special focus on areas in which Indian companies could engage with Sharjah to grow their presence in the MENA region. The priority sectors highlighted include agriculture and food security, technology and innovation, logistics, tourism and culture, water resource management, energy and renewable energy, and education.

More than 200 trade professionals from the UAE and India including entrepreneurs, investors, Sharjah government officials and business stakeholders attended the Sharjah–India Business Roundtable which also emphasized how the flexible business environment, ease of doing business and diversification away from oil have solidified the emirate’s position as a key investment hub in the region.

New heights in bilateral relations

In his welcome note, Ahmed Obaid Al Qaseer, Acting CEO of Shurooq, said the Sharjah-India Business Roundtable brings the UAE and India closer together, through cooperation and investment opportunities and highlighted how the bilateral trade relations between the two countries are being taken to new heights with the implementation of the CEPA deal since May 2022.

·Calling for strengthening partnerships, joint investments and new initiatives in emerging priority sectors, he said: “India is one of the UAE’s largest export destinations and trading partners with bilateral trade turnover of $68.4 billion during 2021. During this period, UAE’s exports to India stood at $43.04 billion while India’s exports to UAE stood at $25.4 billion. Under CEPA, we expect to boost bilateral trade between our nations from $60 plus billion to $100 billion within the next 5 years.”

Extraordinary potential for growth

Dr. Aman Puri, Consul General of India, Dubai, said: “India and the UAE are two countries that share a deep and historic relationship, the bedrock of which is the strength of its people to people connections developed through centuries-old trade relations.”

Stating that India is the first country with which the UAE has signed the CEPA, he also pointed out that UAE’s investment of $2 billion to develop a series of integrated food parks across India under the framework of the four-nation grouping ‘I2U2’, will not only transform lives of farmers in India but also address global challenges of food security.

He added that many Indian entrepreneurs, unicorns and tech startups looking to the UAE as the springboard for their growth will choose Sharjah for their expansion. “There is extraordinary potential between the two economies, especially in the innovation space where Sharjah has a distinctive advantage,” he added.

Investment potential in Sharjah

A panel discussion held under the theme ‘Investment Opportunities in Sharjah’, outlined the tremendous opportunity and potential in Sharjah’s conducive business environment and emphasized the competitive advantages of growing in Sharjah’s diversified economy, its core strengths in diverse sectors, and easy access to global markets.

Frequently updated regulations, world-class infrastructure, a facilitating ecosystem, and diversification strategies have reinforced Sharjah’s reputation as a global hub for investments, said H.E. Mohamed Juma Al Musharrkh, CEO, Sharjah FDI Office (Invest in Sharjah), adding that Sharjah is currently home to more than 25,000 businesses from India, with 15,868 in the mainland and 10,000 in its specialized free zones.

He revealed that to attract and facilitate investments in Sharjah and the UAE, Invest in Sharjah’s roadshows will focus on Indian markets in 2023.

Presenting a comprehensive overview of the CEPA deal signed between the UAE and Sharjah earlier this year, K. Kalimuthu, Consul (Economic, Trade & Commerce) at the Consulate General of India - Dubai, said the deal came into effect as the UAE is India’s third largest trading partner, second largest export market and eighth largest investor. With $85 billion, India is also a key investor in the UAE and a key export market valued at $30 billion, he added.