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. H.E. Hamad Buamim, President and CEO of Dubai Chamber, said the opening of the new office is in line with the Chamber’s plans to expand its global presence. 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.
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.
Jewelry 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.