A total of 2,208 Indian companies joined Dubai Chamber of Commerce and Industry as new members in the first six months of 2019
A total of 2,208 Indian companies joined Dubai Chamber of Commerce and Industry as new members in the first six months of 2019, marking a 18 percent increase compared to the same period last year.
Indian firms accounted for 24.4 percent of new member companies that registered with Dubai Chamber between January and June, bringing the total number of Indian members to 38,704.
Over the same period, Dubai Chamber’s representative office in Mumbai held 124 meetings with investors in India who are keen to enter the Dubai market, a statement said.
The latest figures were released by Dubai Chamber ahead of the official visit of Indian Prime Minister Narendra Modi to the UAE on Friday.
India remains Dubai’s second-largest trading partner with AED116 billion ($31.6 billion) worth of bilateral non-oil trade in 2018, dominated by precious metals and pearls, mineral products and base metals.
Recent Dubai Chamber analysis suggests that there are several areas where India can potentially boost its exports to the UAE, including pharmaceuticals, electrical machinery, vehicles, apparel and clothing accessories. Printed books, natural pearls, preparations of cereals, carpets and textiles were also identified as high-potential products that can be exported from the UAE to India in the future.
Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, noted that the uptick in Indian members joining the Chamber follows important developments that have strengthened the India-UAE relationship in recent years.
He added that the Chamber has set a new target of attracting 200 Indian start-ups to Dubai that specialise in key areas where the emirate is investing such as blockchain technology, artificial intelligence and smart city solutions.
He said that the Modi’s third visit to the UAE will send a strong message reiterating India’s unwavering commitment to further strengthening this dynamic relationship and exploring new avenues of cooperation.