June 14, 2024
2 mins read

 DMCC attracts over 160 new Indian businesses

The UAE’s bilateral trade with India has accelerated in recent years, surging 16 percent in 2023 after the implementation of the pioneering Comprehensive Economic Partnership Agreement (CEPA)…reports Asian Lite News

The Dubai Multi Commodities Centre (DMCC) has affirmed its latest drive to attract a new wave of Indian businesses to Dubai following the conclusion of its latest Made for Trade Live roadshow in New Delhi and Mumbai.

Looking to build upon the US$85 billion non-oil trade corridor between the two countries, DMCC highlighted the role of its district and infrastructure as a platform for Indian companies to expand internationally and unlock growth opportunities.

The UAE’s bilateral trade with India has accelerated in recent years, surging 16 percent in 2023 after the implementation of the pioneering Comprehensive Economic Partnership Agreement (CEPA). This growth is reflected at DMCC through its growing Indian member company base, which currently stands at 3,888, or 16 percent of its 24,000 members.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “The UAE-India landmark CEPA agreement eliminated duties on 90 percent of India’s exports including gems and jewellery, food and energy – and we saw the impact of this first hand, 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.

With bilateral trade set to surpass US$100 billion within the next five years, we see clearly that the UAE-India trade corridor is not only deepening regional trade and investment but also creating tangible new commercial opportunities on the ground. We are committed to furthering the enormous potential of this relationship and providing an enabling environment for Indian businesses to tap into global markets from Dubai.”

The roadshow saw senior DMCC executives address over 200 Indian government bodies and business leaders from a range of sectors. Conversations focused on Dubai’s unique, business-friendly environment, its position as a gateway to international trade, and the host of benefits of setting up at DMCC.

India and the wider South Asia region are of strategic importance for DMCC, particularly in high-growth areas such as technology, precious stones and metals, and agriculture. Last year, DMCC signed a number of partnership agreements with South Asian entities, including an agreement signed with the Bharat Subcontinent Agri Foundation to advance the global agricultural commodities sector.

During its last India roadshow, DMCC also announced the opening of its representative office in Mumbai, which marked a pivotal step in the dedicated international expansion support expansion that Indian businesses can receive in their home market.

DMCC’s roadshow programme plays a pivotal role in spotlighting Dubai as a premier business destination. Throughout the series, DMCC emphasises Dubai’s distinctive value proposition in attracting foreign direct investment (FDI) to the emirate. Notably, DMCC contributes 11 percent to Dubai’s annual FDI inflows, and in 2023, the business district achieved its second-best year on record, welcoming nearly 2,700 new companies. DMCC is now home to over 24,000 businesses from around the globe.

ALSO READ: Sheikh Mansour receives Manchester City officials

Previous Story

Sheikh Mansour receives Manchester City officials

Next Story

‘Dubai’s IPO boom signals market strength’

Latest from -Top News

Azad Moopen Pays Tribute to Pope Francis 

Dr. Moopen also noted Pope Francis’ historic 2019 visit to the UAE, a landmark moment in fostering interfaith dialogue and tolerance…reports Asian Lite News Dr. Azad Moopen, Founder Chairman of Aster DM

MBZ Visits UAE Troops 

 The Khalifa bin Zayed II Airborne Brigade is a high-readiness strategic unit specializing in airborne operations and rapid deployment, significantly enhancing the UAE’s ability to respond quickly to emerging security challenges.  President

India, Saudi Hold Inaugural Army Staff Talks 

A key highlight of the talks was the exploration of collaboration in operational logistics, battlefield management systems, and niche technologies.  The inaugural Army-to-Army Staff Talks (AAST) between the Indian Army and the

Arab World Condemns Kashmir Terror Attack 

The Arab world has strongly condemned the deadly terrorist attack in Pahalgam, with leaders from Kuwait, Saudi Arabia, the UAE, Qatar, Iraq, Jordan, and the broader League of Arab States offering condolences
Go toTop

Don't Miss

Sheikh Zayed Road turns into giant cycling track

The event attracted a total of 34,897 riders from all

Britain has changed domestically, says Tharoor

Last October, the 42-year-old Sunak scripted history when he was