The Hindu Business Line : Indian chamber bid to explore business opportunities in Gulf

THE Indian Merchants Chamber (IMC) that signed a memorandum of understanding with the Abu Dhabi Chamber of Commerce and Industry on Monday, is planning a proactive presence in the UAE in a bid to tap business and investment opportunities in the Gulf and African markets.

The IMC President, Mr S. Haribhakti, who is heading a 25-member IMC delegation to the UAE, told Business Line that another MoU will be signed with the Dubai Chamber of Commerce. "Globalisation and governance is the major plank of the IMC this year. Our tie-ups with the leading chambers of commerce in the UAE is aimed at entering into a more dynamic partnerships with leading business representatives here to tap not only the potential in the trading sector, but also invite them to enter into joint ventures that will facilitate tapping investment opportunities in Africa," he said.

With the oil and gas sector opening up in India and projects in this sector in the Gulf, as well as a host of potential projects in education, IT and other fields, the scope for collaboration is strong, Mr Haribhakti said.

IMC was also keen on exploring trading and infrastructure creation, as well as other investment opportunities in Africa, he said. IMC, which is sending a delegation to the UAE after five years, had on the earlier visit, signed an MoU with the Sharjah Chamber of Commerce and Industry.

Mr Haribhakthi also indicated that many IMC members in the team were keen to set up a physical presence in the UAE. The Mumbai-based Haribhakthi Group of companies, in fact, is planning to shortly set up an office-cum-consultancy base at the Jebel Ali Free Zone.

The group, which is involved in auditing, information systems and security solutions, has a tie-up in India with a leading international accounting group - Moores Roland.

The Haribhakthi group plans to offer its expertise in information systems and risk management as well as solutions for the financial sector. Other members of the IMC team, which include businessmen involved in coffee, tea, jewellery, consultancy services, IT software, film products, clothing and electronics, packaging etc., will also explore opportunities for tie-ups in the UAE. The team also includes seven young entrepreneurs.

Meanwhile, the ladies wing of the IMC on Tuesday launched a four-day exhibition of products by 25 Indian women entrepreneurs at the Dubai Ladies Association premises. The products on display include clothes, handbags and art works. The book `Spirited Souls' featuring the achievements of 20 successful women in Mumbai is also being promoted.

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