Over 160 Indian Businesses Join DMCC, Bolstering UAE-India Trade Relations

The Dubai Multi Commodities Centre (DMCC) has reaffirmed its commitment to attracting Indian businesses to Dubai, following the conclusion of its latest Made for Trade Live roadshow in New Delhi and Mumbai. This initiative aims to build upon the US$85 billion non-oil trade corridor between the UAE and India.

DMCC highlighted its district and infrastructure as a platform for Indian companies to expand internationally. The UAE’s bilateral trade with India has surged by 16 percent in 2023, following the implementation of the Comprehensive Economic Partnership Agreement (CEPA). This growth is mirrored at DMCC, which now hosts 3,888 Indian member companies, representing 16 percent of its 24,000 members.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, stated, "The UAE-India landmark CEPA agreement eliminated duties on 90 percent of India’s exports including gems and jewellery, food and energy. We saw the impact firsthand with rapidly growing trade and investment." Over 160 new Indian companies joined DMCC last year, adding to the nearly 3,900 Indian companies already present.

With bilateral trade expected to surpass US$100 billion within the next five years, Bin Sulayem emphasised that the UAE-India trade corridor is deepening regional trade and investment while creating new commercial opportunities. He reiterated DMCC's commitment to providing an enabling environment for Indian businesses to access global markets from Dubai.

The roadshow featured senior DMCC executives addressing over 200 Indian government bodies and business leaders from various sectors. Discussions centred on Dubai’s business-friendly environment, its role as a gateway to international trade, and the benefits of setting up at DMCC.

India and the wider South Asia region hold strategic importance for DMCC, particularly in high-growth areas such as technology, precious stones and metals, and agriculture. Last year, DMCC signed several partnership agreements with South Asian entities, including one with the Bharat Subcontinent Agri Foundation to advance the global agricultural commodities sector.

New Representative Office in Mumbai

During its last India roadshow, DMCC announced the opening of its representative office in Mumbai. This move marks a significant step in providing dedicated international expansion support for Indian businesses in their home market.

DMCC's Role in FDI

DMCC’s roadshow programme plays a crucial role in promoting Dubai as a premier business destination. Throughout the series, DMCC emphasises Dubai’s unique 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 business district achieved its second-best year on record by welcoming nearly 2,700 new companies.

Currently, DMCC is home to over 24,000 businesses from around the globe. The organisation continues to spotlight Dubai as a hub for international trade and investment while fostering growth opportunities for businesses worldwide.

With inputs from WAM