Assocham all set for int’l foray

The primary aim of Assocham’s GCC chapter is to develop vibrant economic, social and cultural bonds between India and the Gulf.


Nithin Belle

Published: Sun 16 Nov 2014, 10:59 AM

Last updated: Tue 7 Apr 2015, 10:39 PM

Mumbai — The Associated Chambers of Commerce and Industry of India, or Assocham, is opening its first office in the Gulf region in Dubai.

Rana Kapoor, president of the Assocham, told this correspodent here on Saturday that the apex body of Indian trade associations has simultaneously launched 14 international offices including in China, Russia, Japan and the US.

“Economic security is at the core of Assocham’s agenda for 2014-15,” said Kapoor, who is also the founder, managing director and chief executive of Yes Bank. “Through these offices, Assocham aims to engage with multinational businesses to be a part of India’s economic transformation.”

He said the decision to open overseas offices was taken after the launch of the national strategic initiative of “Make in India” by Prime Minister Narendra Modi.

The primary aim of Assocham’s GCC chapter is to develop vibrant economic, social and cultural bonds between India and the Gulf.

“The chapter’s mandate is to extend a conducive and enabling platform to Indian and GCC business communities to engage and explore investment opportunities in each other’s regions,” added Kapoor. “Growing India-UAE economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two nations.”

Many of India’s top corporate entities already have a presence in the UAE, while companies like Emaar, Dubai Ports World and the Abu Dhabi Investment Authority have forged significant business ties in India. Trade between India and the UAE has grown at a CAGR of 25 per cent between FY-2001 and FY-2015, and promises to grow at a faster pace, riding on renewed positive sentiment and accelerated reforms, he added.

The Assocham’s Dubai office will play a pivotal role in channelising investment into India, as well as ensuring that Indian companies find viable investment avenues across the GCC landscape. Another key area the chapter will focus on is taking investment opportunities beyond existing sectors, by identifying sunrise industries in both countries.

The trade body decided to open 14 overseas offices to ensure that India becomes the most preferred investment destination, he added. According to Kapoor, India is set to outpace China’s growth rate within three to five years, making it the fastest-growing large economy in the world.

“We are confident that with improving economic conditions, total bilateral trade between India and the GCC region, which grew by 7.8 per cent last year to $159 billion, will continue growing at a faster pace,” said Kapoor. “FDI from the GCC to India stood at around $3.2 billion, just 1.4 per cent of the total FDI into the country.”

Yes Bank has also received regulatory approvals to open its first international representative office outside of India in Abu Dhabi, said Kapoor. The bank also aims to set up a branch at the Dubai International Finance Centre in the near future.

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