The Sharjah Investment and Development Authority (Shurooq) took Sharjah’s investment proposition to India this month as part of a four-day trade mission organised by the UAE Chambers of Commerce and Industry.
Bilateral trade between the UAE and India stood at around US$59.5 billion (AED 219b) for India’s financial year 2013-2014 (1 April 2014 to 31 March 2015), with the Emirates ranking as one of India’s top three trading partners. The UAE imported US$30.5 billion (AED 112b) of goods and services from India during FY2013-14, nearly 10% of India’s total exports in the year. According to HSBC Trade Forecast 2014, the UAE is likely to be the top export destination for India until the year 2030.
Shurooq held trade and investment meetings with representatives of ExIm Bank of India (the country’s premier export finance institution), the Bombay Chamber of Commerce, the Indian Merchants Chamber, the Federation of Indian Chambers of Commerce and Industry and a number of leading Indian business houses including Taj Hotels Resorts and Palaces (Taj Group), Asia’s largest hotel company and the multi-billion dollar, transnational conglomerate Hinduja Group.
Shurooq also participated in the Engineering Sourcing Show, India’s largest display of engineering products and services. India’s engineering exports grew by over 36% in 2013-14 and the UAE is currently the second largest importer of Indian engineering products after the USA. India has registered a 40 percent increase in engineering imports from the UAE over the past last three years reaching over US$2 billion (AED 7b) in 2013.
India and the UAE have a long history of trade and cultural relations and today Indian nationals constitute the largest expatriate community in the Emirates and constitute 42.5 percent of the country’s work force.