UAE: Sharjah taps Indian market growth with 2,000 new company registrations in 2024

Sharjah cemented its position as a top investment hub for Indian businesses, with nearly 2,000 new Indian companies joining the Sharjah Chamber of Commerce and Industry (SCCI) in 2024 alone.

This brings the total number of Indian firms registered with the Chamber to around 20,000 — a significant 30 per cent increase compared to 2023.

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Abdallah Sultan Al Owais, Chairman of the SCCI, made the announcement at the Sharjah–India Business Forum in Mumbai, marking the first leg of the Chamber’s trade mission to India.

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Organised by the SCCI and led by the Sharjah Exports Development Centre (SEDC), the forum brought together 15 Sharjah-based companies representing various economic sectors. The aim was to boost cross-border collaboration and highlight the emirate’s economic potential to Indian investors.

In his remarks, Al Owais described Sharjah as a strategic investment destination offering “fully integrated competitive advantages". He emphasised that Indian companies play a vital role in the emirate’s economic ecosystem.

Sharjah’s export and re-export volume to India totalled approximately Dh576 million, as documented through certificates of origin issued by the Chamber.

Investor-friendly legal framework

The event highlighted Sharjah’s push to attract more Indian investors by showcasing the emirate’s investor-friendly legal framework, developed infrastructure, diverse industrial zones, and high-potential sectors.

During his keynote address, Al Owais expressed gratitude to the Indian business community, highlighting the strong and longstanding economic ties between the UAE and India.

In 2024, the UAE ranked as India’s third-largest trading partner, with non-oil trade between the two nations exceeding Dh240 billion — a 20.5 per cent increase from Dh199.3 billion in 2023.

“Mumbai boasts a strong economic foundation rooted in financial services, information technology, trade, and maritime shipping. It stands out as a strategic gateway for UAE businesses to explore and capitalise on high-potential investment opportunities across these vital sectors," said Al Owais.

"This forum represents a key milestone in advancing bilateral business collaboration and enhancing joint efforts to grow trade and investment volumes,” he added.

Fostering partnerships

The forum featured a series of business-to-business (B2B) meetings and networking opportunities aimed at fostering partnerships across key sectors.

The delegation also presented Sharjah’s economic offerings, with Ali Abdullah Al Jari, Director of the SEDC, giving an overview of the emirate’s advanced infrastructure and investor incentives.

The trade mission will continue in Ahmedabad, Gujarat, until July 11. There, the delegation will host another business forum and hold meetings with Indian chambers of commerce to build on the momentum established in Mumbai.

The mission supports the broader goals of the UAE–India Comprehensive Economic Partnership Agreement (Cepa), which aims to raise non-oil bilateral trade to $100 billion by 2030.

Nandini Sircar

nandini@khaleejtimes.com

Nandini Sircar has a penchant for education, space, and women's narratives. She views the world through a prism of learning: whether it's the earthly pursuit of wisdom or the unearthly mysteries of space. In her written universe, women and children take centre stage.