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Thursday, July 25, 2024
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Jafza cements growing trade ties with India

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DP World’s Jebel Ali Free Zone (Jafza), a leading trade and logistics hub, is supporting the growth of India-UAE bilateral trade relations by outlining its efforts to drive non-oil trade to $100 billion over the next five years.

Growth plans were highlighted at the Confederation of Indian Industry (CII) event in Delhi, India, where Abdulla Bin Damithan, CEO & Managing Director, DP World UAE & Jafza, explained to the audience why “Dubai is India’s gateway to the world portal”.

Following the launch of Cepa, which came into effect last year, the exclusive event outlined key opportunities for Indian businesses in the UAE, which include reduced or eliminated tariffs and an open and non-discriminatory cross-border trading environment.

supporting ecosystem

According to IHS Markit, bilateral trade between India and the UAE will increase from US$68 billion in 2021 to US$84 billion in 2022, a year-on-year increase of 23%. Jafza currently serves more than 9,500 companies from 130 countries, and the Jafza-India route handles 19% of non-oil trade between the UAE and India, making it the largest trade support ecosystem in India.

Through its India-UAE bridge programme, Jafza aims to reduce the time it takes to transport goods between India and UAE by providing seamless and efficient logistics solutions and creating new business opportunities for companies from both countries, especially in industries such as manufacturing, food, etc. and costs as well as beverages, medicines and healthcare. The initiative is an important step in strengthening economic ties between India and the UAE and boosting trade and investment between the two countries.

Damithan said, “We are delighted to partner with CII, which brings together industry leaders, experts and key stakeholders from both countries to discuss the latest developments, challenges and opportunities in trade between India and the UAE. Announcement of the Comprehensive Economic Partnership Agreement (Cepa) “The last year has already brought tangible benefits to India’s trade relationship with the UAE. Over the next 10 years, tariffs will be removed on more than 10,000 products and services, which will have an impact on trade between the two countries and the wider Gulf region.” Significant impact. Jebel Ali Port and Jafza have played a vital role in facilitating trade between the two countries and we look forward to further contributing to the growth of trade between India and the UAE.”

unique value proposition

Talking to business leaders from across India, Damithan highlighted Jafza’s unique value proposition and how the free zone can play a catalytic role in helping Indian companies expand into foreign markets and strengthen their global value chains.

Within the free zone alone, Indian companies are the second largest partner in terms of trade value and the fourth largest partner in terms of trade value. Jafza supports the ‘Make in India’ initiative and ‘Production Related Incentives’ scheme to boost manufacturing, investment and exports from India through its Jebel Ali hub, offering unrivaled logistics and trade solutions and increased access to new markets.

As part of the Dubai Trade Market, Bharat Bazaar, the free zone’s mega-distribution center with its showrooms and warehouses, will allow Indian traders to serve local and global customers through a single wholesale and retail mixed business platform through Jafza.

Jafza also connects businesses with the Jebel Ali Port’s Food and Beverage Terminal, which covers over 1 million square meters and offers purpose-built facilities such as grain silos, covered warehouses and refrigerated container yards to meet the specific needs of the food and beverage industry. need. Together, the port and the free zone provide a comprehensive logistics solution that can help Indian companies thrive. — trade arab news agency

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