In the trade relation, the UAE and India plan to generate a new trade outlet worth of $100bn and the Dubai Multi Commodities Centre (DMCC) is targeting Indian businesses in New Delhi and Mumbai. This strategic move came after the most recent “Made for Trade Live” road show by DMCC, was held in New Delhi and Mumbai, engaging Indian businesses to arrange trade with Dubai.
Based on the current $85bn non-oil bilateral trade with the United Arab Emirates, DMCC introduced the district’s facilities as ideal for Indian companies to start in their expansion outside the country to harness on emerging opportunities. The commercial ties have been nurtured, particularly so after the beginning of the CEPA that has seen the two countries trade volumes rise to a 16% increase in 2023. The same can be seen reflected in the membership of DMCC with 3, 888 Indian members forming part of the total of the total 24,928 members that it currently boasts.
A CEPA has been agreed with India, which removes tariffs on 90 per cent of the country’s exports to Dubai such as gems and jewelleries, food and energy products to Dubai; Ahmed Bin Sulayem, the Executive Chairman and CEO of the DMCC. “The UAE and India are expected to trade over $100 billion in the next five years because of a more diversified and expanding trade and investment relations; these findings indeed reveal more improvement in the bilateral relations of both countries but most importantly new tangible business opportunities on the ground,” he said. Adding to this, he affirmed DMCC’s pledge to sustain and strengthen this relationship together with offering the Indian companies a conducive platform to access global markets from Dubai.
It has been revealed that during the roadshow, the DMCC officials met more than 200 officials from the Indian government and believes that the potential partners and investors in the Indian markets can be valuable for the further development of the free zone. These aired included Dubai as a friendly place to conduct business, flexibility offered when conducting business, and the idea of Dubai as a gateway to business around the world and the convenience that comes with getting a place at DMCC.
India and the overall South Asian market will always remain a strong focus area for DMCC especially in new frontier sectors comprising technology, minerals, diamonds, gold & agriculture. In the year 2018, DMCC signed various partnership deals with SSEEs including a major deal with with the Bharat Subcontinent Agri Foundation to boost the global agricultural commodities spectrum.
