Sharjah chamber and Assocham sign MoU

India's Associated Chambers of Commerce and Industry (Assocham) yesterday signed an MoU with the Sharjah Chamber of Commerce and Industry to boost trade with the region.

The Indian chamber may also set up a trade centre in Sharjah, upon the invitation of Ahmed Mohammed Al Midfa, chairman, Sharjah chamber.

Earlier Sudesh Aggarwal, chairman of the Indian Business Professional Council, which co-hosted the event, suggested a committee with representation from all the three parties concerned be established to identify potential-rich areas and implement proposals put forward.

The delegates also attended a presentation on trade and investment opportunities in India and the UAE, while Saeed Obaid Al Jarwan, director general, Sharjah chamber, highlighted the potential for entrepreneurs represented by the emirate.

The 20-member delegation also attended a function on Saturday night hosted by Indian Business Council, Sharjah, in which K. K. Nohria, president of the Indian chamber, said the ongoing visit was to learn from the advances the UAE has made over the years and to consider investments here.

Complimenting the UAE authorities for the rapid progress made over the years, he noted "change" was happening everywhere, including India, where the "mindset" is undergoing change.

India was working at the same speed at which the UAE is changing and was trying to accelerate the progress, with the chamber itself having proposed 100 per cent foreign direct investment (FDI).

Anil K. Agarwal, chairman of the chamber's foreign trade committee, added areas identified for cooperation include IT, oil and gas, special economic zones, entertainment, tourism, financial services, and infrastructure.

Established in 1920, Assocham is one of India's oldest chambers of commerce. As a representative body of corporate India, it articulates the needs and interests of its members to key opinion leaders, and covers the interests of 100,000 direct and indirect members.

The ongoing visit, which takes place in Dubai and Abu Dhabi, concludes on Wednesday. The tour is being coordinated by the Consulate General of India, together with Saif Zone and IBC Sharjah.