Invest in Sharjah discusses cooperation with India

SHARJAH, The Sharjah Foreign Direct Investment Office, Invest in Sharjah, has met with India’s leading industrialists, entrepreneurs and government officials during a tour of the sub-continent, participating in trade conferences and partnership summits to promote Sharjah’s vast investment opportunities.

Investment Promotions Managers at Invest in Sharjah, Saif Alsuwaidi and Rajesh Kadam highlighted Sharjah’s current business ties with India and future bilateral trade.

The visit coincides with a landmark agreement between the UAE and India to enable businesses to transact directly in each other’s currencies, eliminating the role of the dollar, in a defining move to boost business even further � the Confederation of Indian Industry has forecast that trade between India and the UAE is set to hit US$100 billion by 2020, up from the current US$60 billion.

During the tour, which took the IIS representatives from Visakhapatnam, the delegates also met with numerous representatives from India’s healthcare sector and Indo-Arab and IMC Chambers of Commerce Industry.

Mohammed Juma’a Al Musharrkh, CEO of Invest in Sharjah, said, “Sharjah has always had extremely close ties with India on both a business and community level, which has been reinforced by the extremely high calibre of authorities, government figures and private investors that were met.

“This trade delegation has promoted new investments into the emirate’s key sectors, including health, education and media production and built upon the existing foundations with Indian business councils and individual captains of industry. As well as the enormous benefits of operating from Sharjah, we have also highlighted our own services which will play an integral part in supporting all future investments.”

“Participating in the Partnership Summit in Andhra Pradesh with the UAE Ministry of Economy and the India Trade and Treasury Conference were ideal opportunities for Invest in Sharjah to outline the viability, sustainability and profitability of investing in Sharjah and either expanding or entering into a highly lucrative market,” Al Musharrkh added.

The 7-day tour also included a visit by Sharjah Media City, Shams, to the ND’s Studios in Mumbai, India. The delegation was led by Shehab Al Hammadi, Shams Director, and accompanied by Fagr Kassim Ali, Media Sector Development Director.

The visit comes within Shams’s plan to attract various media companies in particularly major production companies from India, and to further discuss the concept of establishing a Bollywood film facility in Sharjah, an idea first mooted by Marwan bin Jassim Al Sarkal, CEO of the Sharjah Investment and Development Authority, Shurooq.

Al Hammadi said, “We were delighted to visit ND’s Studios in Mumbai and to get a closer look at how India has played a major role in producing a number of big Bollywood movies.”

Source: Emirates News Agency