R ARIVANANTHAM
CHENNAI, JULY 18
The Indo-UAE Economic Chamber of Commerce, a new industry body, was launched to increase trade ties between India and the United Arab Emirates (UAE) and Tamil Nadu in particular here on Saturday.
A memorandum of understanding was signed between MM Gems and Jewellers, and Majestic Investment, United Arab Emirates in this connection. MM Gems and Jewelleries also signed an MoU with Africa World Investment to work closely together to promote the diamond industries in the UAE and India.
Indo UAE Economic Chamber of Commerce a non-profit govt. organization with association with MM Gems & Jewelleries takes this beautiful opportunity to invite you to a most happening event "World Investment Business Program" on 16th of July 2022 to help open corridors for business pic.twitter.com/eSPnWFhkET
— mmgems jewels (@MmgemsJ) July 16, 2022
- MM Gems and Jewelleries signed two Memorandum of Understanding with Majestic Investments, and Africa World Investment, respectively
- Sridevi Arunachalam, Director, MM Gems & Jewelleries, will be the president of Indo- UAE Economic Chamber of Commerce.
According to UAE-based Majestic Investments representative Sheikh Majid Rashid Al Mualla, the trade between the two countries grew to US $59 billion in 2019 from US $180 million in the 1970s.
Majority of sectors are focused on increasing trade between the two countries, including 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.
“The UAE accounts for 80 percent of studded jewellery exports (to India) 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,” he said.
MM Gems and Jewellers founder Prabhu Inbadass 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.”
Sridevi Arunachalam, Director, MM Gems and Jewelleries, 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”.
Sheikh Sultan, Member of Ruling Family, UAE; Hein Helm, Founder & MD, Africa World Investments, Nawabzada Mohammad Asif Ali, Dewan to Prince of Arcot were also present at the launch ceremony.
