Indian Smes Striking Gold in Sharjah
The free trade and specialised industrial zones serviced by an integrated transport system and highly-developed infrastructure make Sharjah the industrial heartland of the United Arab Emirates (UAE). The diversified and well developed industrial base of Sharjah has helped it attract numerous foreign direct investments (FDIs) and has enabled it to strengthen its trade ties with other nations.
Sharjah's growth rate in the global industrial graph has shown a consistent upward movement over the past few years. The well developed industrial base and vibrant market in the Emirates has enabled Sharjah to position itself as a leading economic power in the world market. Oil, gas, steel, aluminium, chemicals, agriculture, livestock rearing and fishing are key industries driving Sharjah's economy.
On the trading front, India is one of the foremost trading partners of the emirate of Sharjah. Bilateral trade between both countries has witnessed a quantum increase in the past few years, reaching 7.3 billion dirhams, amounting to $2 billion in 2007. According to figures provided by Sharjah Customs, India's exports to Sharjah stood at $1.8 billion in 2007, a 5.9% growth as compared to the previous year. As for exports from Sharjah to India during the same year, the amount totalled $300 million, marking a sharp rise of 50% from 2006. collaboration between small and medium enterprises (SMEs) of the two countries is expected to further boost this figure in the coming years.
Growing trade ties between India and Sharjah have made it easier for SMEs on both the sides to seek cooperation in sectors like infrastructure development, information technology (IT), tourism, gems & jewellery, oil & gas, chemicals & petrochemicals and drugs & pharmaceuticals.
The growth-oriented economic structure of Sharjah and its favourable business environment has in the past prompted several Indian companies to set up base in this emirate. Alternatively, some major firms in Sharjah have found investments in India highly profitable. These companies are now planning to open centres across the country. The growing cooperation between SMEs of both the countries and inking of deals and trade agreements have further strengthened the multi-dimensional relationship shared by both India and Sharjah.
To cash in on the increasing Indo-Sharjah trade ties, the public trade officials and industry representatives are discussing commercial potential, investment prospects and are searching for areas of synergy. In another move to boost Indo-Arab trade relations, the governments of the two countries are taking initiatives on various fronts. The Federation of Indian Export Organisations (FIEO) has set up India Trade Centre (ITC) at Sharjah's SAIF Zone (Sharjah Airport International Free Zone) to help exporters market their products and occupy a greater market share.
The Sharjah government's supportive policies are expected to encourage Indian companies to open their overseas marketing offices here. With numerous opportunities still untapped and new avenues opening up rapidly in Sharjah, Indian SMEs can look forward to having a successful run in the profitable market space.
About the Author:
David Parks is a well known author and has written articles on B2B Trade Offers, B2B Portal, B2b Website,suppliers, Manufactures and many other subjects.
