The Dubai Chamber of Commerce and Industry has opened its new representative office in India, 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.
H.E. Hamad Buamim, President and CEO of Dubai Chamber, explained that the opening of the Mumbai office falls in line with the Chamber’s plans to expand its global presence, while 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 gaining momentum and creating new business opportunities in sectors such as infrastructure, logistics and urban planning which companies in Dubai can surely benefit from,” said H.E. Buamim.
Dubai Chamber’s President and CEO noted that the opening of the new office comes at a time when India-UAE political and economic ties have reached their strongest point in years, following high-level visits on both sides and the signing of several strategic cooperation agreements.
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%.
Non-oil trade between Dubai and India has risen steadily in recent years, reaching $27 billion in 2017. This trade value accounts for 7.6% of Dubai’s total non-oil foreign trade for the same year.