DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has successfully concluded its Made For Trade Live trade roadshow last week in India.
Throughout the roadshow, which covered the Indian cities of Mumbai, Surat and Jaipur, DMCC highlighted Dubai as a platform for Indian companies to expand internationally.
DMCC’s flagship announcement took place in the final Mumbai leg of the roadshow when it announced its partnership with business services firm PP Shah and Associates to open a representative office in Mumbai, India. Through the new office, DMCC aims to boost the relationship between the UAE and India in support of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) signed last year. Leveraging DMCC’s strong regulatory framework and reputation within Indian business circles, the representative office will provide a one-stop solution for Indian businesses looking to expand through Dubai and help them establish a presence in DMCC.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said:
“Bilateral trade between UAE and India has reached historical levels, increasing by 14% to hit USD 76.9 billion in the 11 months after the implementation of CEPA. With over 3,700 Indian businesses in our free zone, DMCC has been fundamental in facilitating bilateral trade and investment between the UAE and India. Opening a representative office in Mumbai is the next pivotal step in this relationship's evolution, demonstrating our deep commitment to business in India and across the subcontinent.”
Held in partnership with the Federation of Indian Chambers of Commerce & Industry (FICCI), the roadshow saw senior DMCC executives address 500 Indian government bodies and business leaders from a range of sectors. Conversations focused on Dubai’s unique, business-friendly environment and the host of benefits of setting up in DMCC.
PP Shah and Associates, said:
“Through this partnership with DMCC, we will bridge the gap between our nations and further support the success of Indian businesses. DMCC offers a unique ecosystem that provides confidence through strong regulations and frameworks, cost benefits through competitive office spaces, and a range of facilities and services that increase the ease of doing business for Indian entrepreneurs and large companies alike. We look forward to facilitating the international expansion of a greater number of Indian businesses through this promotional Initiative, in turn helping them thrive in Dubai.”
DMCC’s representative office in Mumbai, India, is led by industry veteran Siddharth Shah, a graduate of IIT-Bombay and Wharton Business School with 15 years of banking and consulting experience. The office will handle all regulatory, compliance and company registration solutions and will provide exclusively curated license packages for Indian businesses.
India and the wider subcontinent have been earmarked as a region of high strategic growth for DMCC in multiple industry sectors. Earlier this year, DMCC and the Bharat Subcontinent Agri Foundation (BSAF) signed a Memorandum of Understanding to advance the global agricultural (agri) commodities sector between the UAE and South Asia. Targeting the growth of the global agri commodities sector and solidifying agri trade ties between the UAE, the MoU will see DMCC and BSAF partner in FoodTech and AgriTech projects, share prospective business opportunities and enhance knowledge transfer through exhibitions and conferences.
News Source: Dubai Media Office