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SHARJAH / WAM
The Sharjah Chamber of Commerce and Industry (SCCI) stressed the importance of strengthening economic relations between the emirate of Sharjah and the Republic of India, by highlighting the available investment opportunities and the facilities and incentives offered by both sides in various vital sectors.
This came during the Sharjah-India Business Forum organised by the SCCI on the sidelines of the visit of a delegation from Global Network India, an International Trade Consulting Firm.
The forum was attended by Abdulaziz Shattaf, Assistant Director-General for Communication and Business Sector, SCCI, Dr Jagat Shah, President of the Global Network India, and 16 Indian companies in the sectors of trade in building materials, electronics, food products, agriculture, health, education, and chemical manufacturing.
Pointing to the importance of the forum in meeting the evolving needs of foreign investments coming from India to the Sharjah markets, Abdulaziz Shattaf said that the UAE and India have a long history of commercial, social and cultural relations.
He pointed out that the UAE has invested $10 billion in India in the last five years, stressing the SCCI’s eagerness to strengthen this partnership and achieve the two countries’ directions that the value of mutual trade reaches about $100 billion over the next five years.
This can be achieved by paying more attention to new vital sectors such as jewellery, gold industry, medical equipment, information technology, textiles, building materials and others, Shattaf noted.
“The number of Indian companies investing in the Emirate of Sharjah has reached about 22,242, most of which specialise in education, trade and health. The Emirati investment in India focuses on manufacturing, ceramics, navigation, sea and air freight, oil and gas, and tourism. The number of Emirati delegations to India in 2020 and 2021 amounted to about 232, in addition to about 1,106 flights between the UAE and India per week, and 33 agreements concluded between the UAE and India for cooperation in various vital sectors,” Shattaf said, in conclusion.
Dr Jagat Shah described the business environment in Sharjah as distinct and innovative, enjoying global capabilities and significant competitive advantages, underlining that the Emirate of Sharjah is an ideal location for establishing companies for diversity and ease of shipment to and from it.
Shah expressed the keenness of the Global Network India to organise more meetings during the next year and enhance cooperation with the Sharjah Chamber.
The Sharjah Airport International Free Zone representative said that SAIF Zone’s participation in such meetings aims to introduce its unique advantages and privileges to international companies and institutions.
He pointed out that the SAIZ Zone is home to more than 7,500 companies. He also highlighted the incentives provided to investors and companies, such as 100 percent foreign ownership of businesses, 100 percent repatriation of capital and profits, 100 percent corporate or personal income tax exemptions, 100 percent import and export tax exemptions.