Indo-UAE economic chamber of commerce established

The Indo UAE Economic Chamber of Commerce was inaugurated in Chennai on Saturday by HH 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, Hein Helm, founder-MD, Africa World Investments, Nawabzada Mohammad Asif Ali, dewan to Prince of Arcot, Prabhu Inbadass, founder-MD and Sridevi Arunachalam, Director, MM Gems and Jewelleries. Sridevi Arunachalam will be the president of Indo UAE Economic Chamber of Commerce. The chamber was launched to enhance economic ties between India and UAE, especially in TN. The bilateral trade between the countries has risen to $59 billion in 2019 – 20 from $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%).