(MENAFN- Khaleej Times)
DMCC – a flagship free zone and government of Dubai Authority on commodities trade and enterprise – attracted 160 new Indian businesses last year, its chairman said.
Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC, announced this as he affirmed thre free zone's 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 $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 per cent 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 per cent of its 24,000 members.
Bin Sulayem said:“The UAE-India landmark CEPA agreement eliminated duties on 90 per cent 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 $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 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.”
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC
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 per cent 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.
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