The Dubai Multi Commodities Center (DMCC) attracted more than 160 new businesses from India in 2023, raising the number of Indian companies in the center to around 3,900.
Following the conclusion of its latest Made for Trade Live Roadshow in New Delhi and Mumbai, DMCC affirmed its latest aim to attract a new wave of Indian businesses to Dubai. DMCC aims to expand the $85 billion non-oil trade corridor between the two countries, highlighting its role and infrastructure as a platform for Indian companies to expand internationally and unlock growth opportunities.
UAE-India bilateral trade
Notably, the UAE-India bilateral trade has witnessed a surge in recent years with a 16 percent increase in 2023 alone. This came following the implementation of the Comprehensive Economic Partnership Agreement (CEPA). The partnership has contributed to the surge in the center’s Indian member company base, which currently stands at 3,888, or 16 percent of its 24,000 members in total.
“The UAE-India landmark CEPA agreement eliminated duties on 90 percent of India’s exports including gems and jewelry, food, and energy. We saw the impact of this firsthand, 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, stated Ahmed Bin Sulayem, executive chairman and CEO of DMCC. Bin Sulayem added that the UAE expects bilateral trade with India to reach $100 billion within the next five years.
Read: UAE GDP to climb to 3.9 percent in 2024: Central Bank
DMCC roadshow
During its last India roadshow, DMCC announced the opening of its representative office in Mumbai, which marked a pivotal step in the center’s international expansion and support for Indian businesses in their home market.
The roadshow saw senior DMCC executives address over 200 Indian government bodies and business leaders from multiple 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.
DMCC places strategic importance on India and the wider South Asia region, particularly in high-growth areas such as technology, precious stones and metals, and agriculture. Last year, DMCC signed several agreements with South Asian entities, including an agreement with the Bharat Subcontinent Agri Foundation to advance the global agricultural commodities sector.
With the roadshow series, DMCC emphasizes Dubai’s distinctive value proposition in attracting foreign direct investment (FDI) to the emirate. Notably, DMCC contributes 11 percent to Dubai’s annual FDI inflows. In 2023, the center 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 world.
For more news on economy, click here.
