New chamber to promote SMEs, tech transfer between India, Arab nations
Union Minister of State for External Affairs Kirti Vardhan Singh on Tuesday said that in a rapidly changing global order marked by rising tariff barriers and unilateral economic decisions, regional cooperation has become more critical than ever, as he inaugurated the India and Arab Countries Chamber of Commerce, Industry and Agriculture (IACCIA).
“Today, the world is changing very rapidly. Even if we do not speak only about geopolitics, but look at geoeconomics, we see tariff walls being erected and countries taking unilateral decisions in the name of tariffs,” Singh said. “In such a situation, it becomes extremely important and necessary for us to focus on regional cooperation.”Emphasising India’s long-standing economic and civilisational ties with the Arab world, the minister said the newly established chamber would act as a strong institutional platform to further promote trade and investment between the two regions.
“The chamber inaugurated today is a very important step in that direction. It will provide major opportunities for our traders, manufacturers, MSMEs and small entrepreneurs,” he added. Singh noted that India and Arab countries have shared centuries-old relationships rooted in trade, culture and people-to-people exchanges, which continue to thrive today through strong economic interdependence, particularly in energy security, manufacturing, and services.
Speaking at the event, Ahmed Aboul Gheit, Secretary-General of the League of Arab States, highlighted the deep historical roots of India-Arab relations, describing the chamber’s launch as a milestone in elevating the partnership to a new level.“This inauguration coincides with the India-Arab Cooperation Forum and marks a significant moment in relations between two great civilizations that have shared historical connections going back thousands of years,” the Secretary General said.
He recalled how centuries of trade, navigation and cultural exchange between India and the Arab world shaped global knowledge systems, citing examples such as the shared development of the numerical system.“Trade provides a structured and effective mechanism to deepen engagement between our business communities, while also offering a sustainable platform for dialogue, exchange of expertise and best practices,” he said.
According to speakers at the event, bilateral trade between India and Arab countries has grown significantly in recent years, crossing USD 240 billion, with several Arab nations ranking among India’s top trading partners, particularly in energy, petrochemicals, minerals, agriculture, industrial goods and services. India, in turn, has emerged as a key source of industrial, technological and human capital for many Arab economies. The Arab League and regional business bodies expressed confidence that IACCIA would play a central role in supporting SMEs, facilitating technology transfer, promoting investment, and integrating businesses into global value chains.
The event concluded with a shared commitment to advance cooperation based on mutual benefit, respect and a common vision for future growth, as both sides acknowledged the chamber as a catalyst for the next phase of India-Arab economic engagement.
The event was co-hosted by IACCIA and FICCI, with The Pioneer as the media partner. Several dignitaries from the Arab world, including diplomats and business leaders based in Arab nations, attended the inaugural programme, along with Chairman of The Pioneer Group, Prashant Tewari.
