The free trade and specialised industrial zones serviced by an built-in transport procedure and extremely-made infrastructure make Sharjah the industrial heartland of the United Arab Emirates (UAE). The diversified and perfectly produced industrial base of Sharjah has assisted it attract several foreign direct investments (FDIs) and has enabled it to fortify its trade ties with other nations.
Sharjah's growth fee in the world industrial graph has shown a steady upward motion around the past number of yrs. The very well developed industrial foundation and vibrant market in the Emirates has enabled Sharjah to posture itself as a main financial power in the world current market. Oil, gas, steel, aluminum, substances, agriculture, livestock rearing and fishing are crucial industries driving Sharjah's economic system.
On the trading front, India is a person of the foremost trading companions of the emirate of Sharjah. Bilateral trade among both international locations has witnessed a quantum maximize in the past number of years, achieving 7.3 billion dirhams, amounting to $ 2 billion in 2007. According to figures delivered by Sharjah Customs, India's exports to Sharjah stand at $ 1.8 billion in 2007, a 5.9% expansion as in contrast to the prior 12 months. As for exports from Sharjah to India during the identical 12 months, the amount totaled $ 300 million, marking a sharp rise of 50% from 2006. collaboration amongst smaller and medium enterprises (SMEs) of the two nations is expected to even further strengthen this determine in the coming years.
Developing trade ties among India and Sharjah have produced it a lot easier for SMEs on both of those sides to seek out cooperation in sectors like infrastructure growth, facts technological innovation (IT), tourism, gems & jewelery, oil & gas, substances & petrochemicals and medicines & prescribed drugs.
The advancement-oriented financial composition of Sharjah and its favorable business natural environment has in the earlier prompted numerous Indian businesses to established up foundation in this emirate. Alternately, some important corporations in Sharjah have identified investments in India really rewarding. These businesses are now arranging to open up facilities across the country. The increasing cooperation concerning SMEs of equally countries and inking of transactions and trade agreements have even further strengthened the multi-dimensional relationship shared by the two India and Sharjah.
To funds in on the escalating Indo-Sharjah trade ties, the general public trade officials and market associates are talking about commercial likely, financial investment potential customers and are seeking for parts of synergy. In an additional transfer to boost Indo-Arab trade relations, the governments of the two countries are having initiatives on different fronts. The Federation of Indian Export Corporations (FIEO) has established up India Trade Centre (ITC) at Sharjah's SAIF Zone (Sharjah Airport Intercontinental Absolutely free Zone) to support exporters current market their items and occupy a larger industry share.
The Sharjah federal government's supportive policies are expected to persuade Indian companies to open up their overseas promoting places of work right here. With many prospects even now untapped and new avenues opening up promptly in Sharjah, Indian SMEs can seem ahead to having a profitable run in the profitable market house.