As many as 15,481 new Indian-owned companies became members in 2023, marking a year-over-year (YoY) increase of 38 per cent.

Pakistan ranked second, with the chamber welcoming 8,036 new Pakistani businesses last year – a remarkable growth rate of 71.2 per cent compared to 2022.

Egypt ranked third, with 4,837 new members registering, representing a 63.2 per cent YoY growth.

The chamber’s analysis also revealed significant growth rates for companies from Syria, the United Kingdom, Bangladesh, China, Jordan, and Iraq.

The majority of new companies that registered with the chamber in 2023 operate within the wholesale and retail trade and repair of motor vehicles sector, which accounted for 44.2 per cent of new memberships.

This was followed by companies from the real estate, renting, and business activities sector, which represented 32 per cent of the total.

The construction sector ranked third with 8.3 per cent of total new companies, while the transport, storage and communications sector came fourth, accounting for 8.1 per cent of the new companies joining as chamber members.