India and Sharjah seek to strengthen their economic ties

08 Nov 2018

india flagLast week, in an effort to strengthen Sharjah’s trade relations with India and promote the Gulf emirate as a leading businesses and investment hub in the region, more than a hundred Indian investors participated in a business conference in the UAE.

The ‘Sharjah-India Business Roundtable’ was part of India’s continued interest in the emirate’s economy. The roundtable’s main focus was addressing investment opportunities in fields such as technology, artificial intelligence and renewable energy in order to expand the number of businesses in Sharjah.

The Economic Times reports that Sharjah is one of the key drivers for Indian outbound investment into the Gulf region, valued at more than USD 137 billion.

In 2018, India’s economy is forecast to grow by 7.5%, whilst the UAE’s economy is expected to grow at an accelerated 3.9% rate.

"Sharjah has historically been one of the key drivers for Indian outbound investment volumes into the Gulf Region and was a key access gateway for international markets looking to bolster their investments in India and the wider Asian region," said Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq).

He went on to say that both governments have previously worked together across many cultural and business initiatives, which indicates the profound investment journey Sharjah and India have had for many centuries.

"The business roundtable is a key opportunity to address the substantial changes and development Sharjah's economy underwent, and how these developments directly service Indian investors," Sarkal said.