Chennai, July 16th, 2022: The Indo UAE Economic Chamber of Commerce was inaugurated today in Chennai by His Highness H.H.Sheikh Majid Rashid AI Mulla, From Majestic Investments (Office of Sheikh Majid Rashid AI Mualla), UAE in the presence of Sheikh Sultan, Member of Ruling Family, UAE; Mr Hein Helm, Founder & MD, Africa World Investments, Nawabzada Mohammad Asif Ali, Dewan to Prince of Arcot. Prabhu Inbadass, Founder & Managing Director, MM Gems & Jewelleries and Sridevi Arunachalam, Director, MM Gems & Jewelleries. Sridevi Arunachalam will be the President of Indo UAE Economic Chamber of Commerce.
The Indo UAE Economic chamber of commerce was launched with a view to enhancing economic ties between India and UAE, especially in the state of Tamilnadu. The bilateral trade between the countries has increased to USD 59 billion in 2019 – 20 from USD 180 million in 1970. UAE’S investments in India are concentrated mainly in five sectors: Service Sector (15.78%), Sea Transport (8.80%), Power (8.34%) and Construction (Infrastructure) activities (7.15%) and Construction Development; Townships, Housing Built-up Infrastructure and Construction development projects (7.08%).
A memorandum of Understanding was signed between MM Gems and Jewelleries and Majestic investment, UAE to promote the bilateral trade between India and UAE in the global gems and jewellery business. MM Gems and Jewelleries also signed a Memorandum of Understanding with Africa world investment to work closely together to promote the diamond industries in the UAE and India.
Speaking on the Occasion His Highness H.H.Sheikh Majid Rashid AI Mulla said, “The Gems & Jewellery sector contributes a substantial portion of India’s exports to the UAE and is a sector that is expected to benefit significantly from the tariff concessions obtained for Indian products under the India-UAE CEPA which came into force in May 2022. The UAE accounts for 80% per cent of studded jewellery exports, Gem and Jewellery exports, with the duty waiver, India’s Gem and Jewellery Export Promotion Council has expressed confidence exports of plain gold jewellery and gold studded jewellery from India to the UAE would grow to US$10 Billion in 2023”.
Commenting on the MoUs, Prabhu Inbadass, Founder & Managing Director, MM Gems & Jewelleries said, “ Two memorandums of understanding (MoUs) signed by MM Gems & Jewelleries today is very significant in many aspects as these agreements will enable us to represent the future growth of the gemstone and jewellery industries Globally. Gems and Jewellery becoming an increasingly important category and we see a huge surge in the coming years in this segment added Prabhu Inbadass.
Speaking about the Launch of Indo UAE Economic Chamber of Commerce, Sridevi Arunachalam, Director, MM Gems and Jewellries said, “the Ultimate goal for the Indo UAE Economic Chamber of Commerce is to bring business and Economic growth to India and UAE. UAE is the country, which is developing the most, and they have a lot of vision in the technology and construction field. Indo UAE Economic Chamber of Commerce will go a long way in strengthening the bilateral trade relationship between our two countries and it help the traders in UAE and India who would like to do business with our two countries and also guide those who wish to extend their markets to India or UAE”