The Dubai Multi Commodities Center (DMCC), a leading free trade zone and the Government of Dubai's Commodities Trading and Enterprise Authority, is actively attracting Indian businesses. The ‘Made for Trade Live’ trade show in New Delhi and Mumbai was aimed at attracting a new wave of Indian businesses, DMCC said in a press release.
More than 160 new companies from India have joined the DMCC since the beginning of this year, and nearly 3,900 Indian businesses now make up 16% of the DMCC's 24,000 members, according to the Dubai center. “The UAE's bilateral trade with India has accelerated in recent years, growing by 16% in 2023 following the launch of the ground-breaking Comprehensive Economic Partnership Agreement (CEPA),” the DMCC noted.
Aiming to develop an $85 billion non-oil trade corridor between the two countries, DMCC emphasized "the role of its economic zone and infrastructure as a platform for Indian companies to expand internationally and unlock growth opportunities."
According to DMCC chief executive Ahmed bin Sulayem, “the landmark agreement (CEPA) between the UAE and India has eliminated tariffs on 90% of Indian exports, including gems and jewellery, food and energy.” “With rapidly growing trade and investment – and two-way trade expected to exceed $100 billion over the next five years, we clearly see the UAE-India Trade Corridor not only deepening regional trade and investment, but also creating tangible new commercial opportunities across places,” he noted during negotiations with Indian businessmen. “We are committed to developing the enormous potential of this relationship and providing an enabling environment for Indian businesses to access global markets from Dubai.”
South Asia and India in particular are of strategic importance to DMCC, especially in high-growth sectors such as technology, gems and metals, and agriculture. Last year, DMCC signed a number of partnership agreements with South Asian businesses, including an agreement with the Bharat Subcontinent Agricultural Fund to develop the global agriculture sector.
In addition, during the visit to India, it was announced that DMCC would open a representative office in Mumbai, which “was a critical step in expanding the specialized support for international expansion that Indian businesses can receive in their domestic market.”
DMCC accounts for 11% of Dubai's annual FDI inflows and was named the best business district for the second year in a row in 2023, welcoming approximately 2,700 new companies. Currently, more than 24,000 companies from all over the world operate there.
Hélène Tarin, Editor in Chief of the Asian Bureau, Rough&Polished
