• 38% growth in the number of Indian companies registered with Dubai Chamber recorded between 2015 and 2018
• H.E. Buamim: Opening of Mumbai office is a strategic move aimed at further enhancing economic cooperation with India
Dubai, UAE: The Dubai Chamber of Commerce and Industry has announced the opening of a representative office in India, which will be tasked with identifying new business opportunities for Chamber members, attracting Indian companies to Dubai and expanding bilateral trade and investment.
The new office, located in Mumbai, is the second representative office to be opened by the Chamber this year, bringing the organisation’s total number of international offices to 10.
The inauguration follows the opening of the Chamber’s Panama office last month. The Chamber currently operates offices in Sao Paulo, Brazil; Baku, Azerbaijan; Addis Ababa, Ethiopia; Erbil, Iraq; Accra, Ghana; Maputo, Mozambique; Nairobi, Kenya and Shanghai, China.
H.E. Hamad Buamim, President and CEO of Dubai Chamber, said the opening of the new office falls in line with the Chamber’s plans to expand its global presence, while he also described it as a strategic move to further enhance economic cooperation with India, which remains Dubai’s second largest trading partner and one of the world’s fastest growing economies.
“As the world’s sixth largest economy, India is clearly an engine of global growth that offers tremendous business potential and growth prospects. Economic reforms and development plans in India are creating new business opportunities in key sectors such as infrastructure, logistics and urban planning which companies in Dubai can benefit from,” said H.E. Buamim.
Dubai Chamber’s President and CEO explained that opening of the Mumbai office comes at a time when India-UAE political and economic ties have reached their strongest point in years, following high-level visits on both sides and the signing of several strategic cooperation agreements.
The number of Indian companies registered with Dubai Chamber increased from 27,717 in 2015 to 38,238 in the first half of 2018, marking a growth rate of 38%. The value of Dubai Chamber member exports and re-exports to India amounted to AED 3 billion ($817 million) during the first half of 2018.
Non-oil trade between Dubai and India has risen steadily in recent years, reaching AED 99 billion ($27 billion) in 2017, representing 7.6% of Dubai’s total non-oil foreign trade for the same year.
Jewellery and precious stones account for more than half of Dubai-India non-oil trade, while the emirate’s major imports from India include live animals, animal products, vegetables, vegetable oils, food and tobacco products, chemicals, plastics, rubber, timber, and ceramics products.