The relationship between the UAE and India is one that has flourished over the decades and more recently transformed into a comprehensive strategic partnership committing both countries to expanding their collaboration in new sectors and areas.
Last year, the UAE unveiled plans to invest $75 billion in infrastructure development across India, while both countries are now working closely together to utilise advanced technologies such as blockchain and artificial intelligence to create mutual benefits and economic growth.
These are just a few examples of how the UAE and India are aligning their ambitions, fostering innovation, building bridges and forging new partnerships. To add to that, an increase in direct flights between the countries and high-level visits in recent years has further facilitated trade and commerce between the two business communities.
India remains Dubai’s second largest trading partner with $31.6 billion worth of bilateral non-oil trade accounted for 2018, a 17 per cent increase compared to 2017. For the most part, this volume is dominated by the trade of gold, jewelry and mineral products.
Yet, there are still plenty of bilateral business opportunities which have not been fully explored. Identifying such opportunities is a key focus of Dubai Chamber’s representative office in Mumbai. Since its establishment, the number of Indian companies registered with Dubai Chamber has grown steadily to exceed 38,000 today, signaling growing confidence in Dubai as a preferred hub for Indian firms.
Supporting these efforts, Dubai Chamber has facilitated the creation of the Indian Business and Professional Council (IBPC). As one of the most established business councils in Dubai, the IBPC has done a remarkable job in nurturing bilateral ties by providing a platform for Indian business leaders to network and access business opportunities in India and the UAE.
At the same time, the IBPC has served as a catalyst in fostering cooperation and developing trade relations between the two countries. The Council is connecting UAE companies with their counterparts in India and assisting Indian companies that are keen to establish a presence in Dubai.
There is a great deal of interest among Dubai-based companies to explore new business opportunities in India. We have recently organised several trade missions to major Indian cities, which have helped us identify attractive opportunities in the fast-growing market that offer the most potential for our members.
Looking ahead, UAE-India relations are expected to enter a new phase of growth, thanks to the strong commitment and political support from both governments. I am confident that the IBPC’s activities will complement our efforts to build on these strong bilateral ties and pave the way for fruitful cooperation in the future.
We wish the IBPC and its members all success with its future endeavours. For its part, Dubai Chamber is fully committed to providing the support and resources necessary to ensure that the Indian business community in Dubai continues to thrive and capitalise on growth opportunities.