The new industry body was formed to boost trade ties between India and the United Arab Emirates
The Indo-UAE Economic Chamber of Commerce was launched at Chennai on July 17. The new industry body was formed to boost trade ties between India and the United Arab Emirates.
At the launch, a memorandum of understanding was signed between MM Gems and Jewellers, and Majestic Investment, United Arab Emirates.
A press release issued on the launch pointed out that UAE-based Majestic Investments representative Sheikh Majid Rashid Al Mualla said that the trade between the two countries had grown to USD 59 billion in 2019 from USD 180 million in the 1970s.
“The gems and jewellery sector contributes a substantial portion of India’s exports to the UAE and it is a sector that is expected to benefit significantly from the concessions obtained for Indian products under the Indo-UAE Comprehensive Economic Partnership Agreement which came into force in May 2022…,”
— Sheikh Majid Rashid Al Mualla, UAE-based Majestic Investments representative
A majority of the sectors were focused on increasing trade between the two countries including the services sector, sea transport, power, construction, among others.
“The gems and jewellery sector contributes a substantial portion of India’s exports to the UAE and it is a sector that is expected to benefit significantly from the concessions obtained for Indian products under the Indo-UAE Comprehensive Economic Partnership Agreement which came into force in May 2022…,” Mulla said and emphasized that the UAE accounted for 80 per cent of studded jewellery exports (to India)”.
MM Gems and Jewellers founder Prabhu Inbadass said that the agreements would enable to represent the future growth of the gemstone and jewelry industries globally.
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