Dubai Multi Commodities Centre (DMCC) has concluded its Made for Trade Live roadshow in Chennai and Kerala, India, where it highlighted the benefits of doing business in Dubai for Indian firms looking to expand globally.
The event saw senior DMCC executives address over 300 representatives of the Indian business community from a range of sectors, as well as government bodies.
Speakers and delegates discussed the strategic geographic location and commercial appeal of Dubai and the ease of doing business in DMCC, which is the fastest growing and most interconnected free zone in the world.
The discussions also focused on opportunities for the UAE and India to enhance bilateral trade and business relations.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Facilitating trade, removing barriers to entry and unlocking new business opportunities are critical components of DMCC’s mandate. Dubai and India share an extremely strong and long-standing trade relationship, and India is currently Dubai’s second largest trade partner.
“And the latest development that solidifies our relations is the UAE-India Comprehensive Economic Partnership Agreement - CEPA. The agreement, which came into effect in May this year, looks to boost bilateral trade to $100 billion in five years, an increase of 66% from the current $60 billion.”
He added: “Through these roadshows, we showcase the unparalleled potential that DMCC has to offer for businesses looking to set up a company in Dubai. While the diplomatic and trade relations between the UAE and India have increased substantially over recent years, there is still a lot more we can do together by supporting exporters and businesses in both countries.”
Held in partnership with the FICCI, the full capacity roadshow event demonstrated DMCC’s deep commitment to businesses in the region and underlined its focus on strengthening trade relations with India across a range of sectors such as Precious Metals and Stones, Technology and Telecom and Financial Services.
The Federation of Indian Chambers of Commerce and Industry said: “With the UAE-India Comprehensive Economic Partnership Agreement now in place, the commercial outlook for setting up a company in Dubai is high on the agenda for many Indian companies. DMCC, as a leading free zone, would provide these companies with the opportunities to further trade and investment.”
Key growth market
With a rich history of cultural, diplomatic and commercial ties, India is a key growth market for businesses in Dubai and DMCC. India is the second largest trading partner for the UAE and the UAE is the third largest trading partner for India. Both countries have joined forces in many trade and investment pacts in the past decade.
In February 2022, the UAE and India signed the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which officially entered into force in May. The key products that will immediately benefit from the agreement include oil and gas, petrochemicals, minerals, textiles, agriculture, jewellery and gems, metals and more.
DMCC has played a significant role in enhancing UAE-India relations and is currently home to over 3,530 leading Indian businesses, which use the Free Zone as a hub for trading with countries around the world.
DMCC’s Made for Trade Live series plays a key role in promoting Dubai as a prime destination for foreign direct investment (FDI). DMCC attracted a record-breaking 2,485 new companies to the free zone in 2021 and reported the highest first quarter of 2022 of company registrations since inception, bringing the total number of member businesses to over 21,000.-- TradeArabia News Service