The Dubai Chamber of Commerce and Industry (DCCI) saw a marked 18% increase in new members with as many as 2,208 Indian companies joining the organisation in the first six months of 2019, according to latest figures released by DCCI, ahead of the Indian Prime Minister’s official visit to UAE on Friday.
The 18% increase compared to the same period last year highlights Dubai’s growing popularity as an investment destination. According to DCCI, Indian firms made up 24.4% of new members that register with them between January and June this year. This brings the total of Indian firms to 38, 704.
Speaking about the increase in Indian members, Hamad Buamim, President and CEO of DCCI, attributed the growth to important developments such as high-level visits, strategic agreements, increase in direct flights along with steady increase in bilateral trade and investment between India and UAE.
India is Dubai’s second-largest trading partner with $31.6 billion (AED116 billion) worth of bilateral non-oil trade in 2018. Bilateral trade is currently dominated by precious metals and pearls, mineral products and base metals, with several more potential sectors where India can boost its exports to the UAE. These include pharmaceuticals, electrical machinery, vehicles, apparels and clothing accessories, a recent analysis noted.