UAE-India $85 Billion Trade Corridor: DMCC's Roadshow Unlocks New Growth Avenues For Indian Businesses
DMCC, recognized globally as the top free zone, is intensifying its efforts to draw more Indian businesses to Dubai, leveraging the successful conclusion of its "Made for Trade Live" roadshow in New Delhi and Mumbai. This initiative aims to capitalize on the thriving $85 billion non-oil trade corridor between India and the UAE, emphasizing DMCC's infrastructure as a catalyst for Indian companies seeking international expansion and new opportunities for growth.
The UAE-India economic relationship has seen a significant boost, particularly after the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2023, which led to a 16% increase in bilateral trade. This agreement has notably benefited the Indian member companies within DMCC, which now number 3,888, representing 16% of its total membership of 24,000 businesses.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, expressed optimism about the future of UAE-India trade relations, stating, "The landmark CEPA agreement has been a catalyst for increased trade and investment, evidenced by the surge in Indian companies joining DMCC. With bilateral trade expected to exceed USD 100 billion in the next five years, we are dedicated to unlocking the vast potential of this partnership and offering Indian businesses a gateway to global markets from Dubai."
The roadshow provided a platform for DMCC executives to engage with over 200 leaders from Indian government bodies and various sectors, discussing Dubai's appeal as a business hub and the advantages of establishing operations at DMCC. The focus was on sectors of strategic importance to DMCC and the South Asian market, including technology, precious stones and metals, and agriculture.
In its commitment to fostering growth in the agriculture sector, DMCC signed a partnership agreement with the Bharat Subcontinent Agri Foundation last year. Furthermore, the opening of DMCC's representative office in Mumbai was highlighted as a key milestone in offering dedicated support to Indian businesses looking to expand internationally.
DM$CC's roadshow series is a critical component of its strategy to position Dubai as a leading destination for foreign direct investment (FDI). The free zone's contribution to Dubai's FDI inflows stands at 11%, with 2023 marking its second-best year for new company registrations, welcoming nearly 2,700 new businesses. Today, DMCC is a vibrant business district hosting over 24,000 companies from across the globe, continuing to attract international investment and enhance Dubai's global business standing.
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