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The Dubai Multi Commodities Centre (DMCC) has concluded its Made for Trade Live roadshow in Chennai and Kerala, India, highlighting the benefits of doing business in Dubai for Indian companies looking to expand globally.
The event saw DMCC senior executives speak to over 300 representatives from the Indian business community as well as government agencies from all walks of life.
Speakers and delegates discussed Dubai’s strategic location and commercial appeal, as well as the ease of doing business in the world’s fastest growing and most connected free zone, DMCC.
bilateral business
Discussions also focused on opportunities for the UAE and India to strengthen bilateral trade and commercial relations.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “Promoting trade, removing barriers to entry and unlocking new business opportunities are key components of DMCC’s mission. Dubai and India have an extremely strong and long-standing trade relationship, with India currently the second largest in Dubai. big trading partner.
“The latest development to strengthen our relationship is the UAE-India Comprehensive Economic Partnership Agreement – CEPA. The agreement, which came into effect in May this year, is expected to boost bilateral trade to US$100 billion within five years, an increase from the current US$60 billion66 %.”
unparalleled potential
He added: “Through these roadshows, we are demonstrating the unparalleled potential that DMCC offers to businesses looking to set up companies in Dubai. Although diplomatic and trade relations between the UAE and India have increased significantly in recent years, by supporting exports from both countries business and enterprise, we can still do more.”
The full-capacity roadshow in partnership with FICCI demonstrates DMCC’s strong commitment to businesses in the region and underscores its focus on strengthening trade relations with India in a range of sectors including precious metals and stones, technology and telecommunications, and financial services.
The Confederation of Indian Chambers of Commerce and Industry said: “With the signing of the UAE-India Comprehensive Economic Partnership Agreement, the business prospects of setting up companies in Dubai have been at the top of the agenda of many Indian companies. DMCC, as a leading free zone, will provide these companies provide opportunities for further trade and investment.”
key growth markets
India has a long history of cultural, diplomatic and commercial relations and is a key growth market for Dubai and DMCC businesses. India is the UAE’s second largest trading partner and the UAE is India’s third largest trading partner. Over the past decade, the two countries have joined forces in many trade and investment agreements.
In February 2022, the UAE and India signed the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which came into force in May. Key products that will immediately benefit from the agreement include oil and gas, petrochemicals, minerals, textiles, agriculture, jewellery and gems, metals and more.
The DMCC has played an important role in strengthening the UAE-India relationship and currently hosts more than 3,530 leading Indian companies that use the free zone as a hub for trade with countries around the world.
DMCC’s Made for Trade Live series has played a key role in promoting Dubai as a leading destination for foreign direct investment (FDI). DMCC attracted a record 2,485 new companies into the free zone in 2021 and reported the highest number of company registrations since its inception in the first quarter of 2022, bringing the total number of member businesses to over 21,000. arab trade news agency
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