• Thursday, July 25, 2024

Asia

Dubai trade zone lures more than 160 new Indian firms as bilateral trade grows

After holding Made for Trade Live Roadshow in the Indian cities of New Delhi and Mumbai earlier in June, the centre reaffirmed its commitment to attracting a fresh wave of Indian enterprises to the desert city.

India and UAE flags (iStock)

By: Shubham Ghosh

LAST year, the Dubai Multi Commodities Centre (DMCC) witnessed a significant influx of over 160 new businesses from India, raising the total number of Indian firms within the centre to approximately 3,900, Economy Middle East reported.

After successfully concluding its Made for Trade Live Roadshow in the Indian cities of New Delhi and Mumbai earlier in June, the Dubai-headquartered DMCC reaffirmed its commitment to attracting a fresh wave of Indian enterprises to the desert city.

DMCC seeks to bolster the $85 billion (£67.1 billion) non-oil trade corridor between India and the UAE, emphasizing its role and infrastructure as a launchpad for Indian companies to scale globally and capitalise on diverse growth prospects.

Read: UAE 9th biggest buyer of India’s $7.4b seafood exports

In recent years, bilateral trade between India and the UAE has shown a notable upswing, registering a 16 percent increase in 2023 alone. This surge can be attributed to the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations. As a result, the number of Indian member companies at DMCC has risen to 3,888, constituting 16 percent of its total membership of 24,000.

“The UAE-India landmark CEPA agreement eliminated duties on 90 per cent of India’s exports including gems and jewellery, food, and energy. We saw the impact of this firsthand, with rapidly growing trade and investment and over 160 new Indian companies joining DMCC last year to add to the almost 3,900 Indian companies across our district,” Ahmed Bin Sulayem, executive chairman and CEO of DMCC, was quoted as saying by Economy Middle East.

Read: Why Dubai’s next growth cycle could be massive for global investors

He added that the UAE predicts its bilateral trade with India to touch $100 billion (£79 billion) in the next five years.

During its recent India roadshow, DMCC unveiled the inauguration of its representative office in Mumbai, signaling a significant milestone in its global expansion efforts and commitment to supporting Indian businesses in its domestic market.

The event gathered senior executives of the centre who engaged with more than 200 representatives from Indian government bodies and business leaders across various sectors, the report added. Discussions were held on Dubai’s favourable business landscape, its strategic role as a hub for global trade, and the array of advantages offered to companies having a presence at DMCC.

DMCC attaches strategic importance on India and the wider South Asia region, especially in areas of high growth, such as technology, precious stones and metals, and agriculture.

Last year, the body inked many agreements with South Asian entities, including an agreement with the Bharat Subcontinent Agri Foundation based in the western city of Pune, to boost the global agricultural commodities sector.

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