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DMCC to boost $85bn non-oil trade corridor between UAE, India; new office unveiled

DMCC to boost $85bn non-oil trade corridor between UAE, India; new office unveiled
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UAE – Mubasher: DMCC looks to build upon a $85 billion non-oil trade corridor between the UAE and India, as it continues to attract a new wave of Indian businesses to Dubai in line with its latest Made for Trade Live roadshow in New Delhi and Mumbai.

DMCC has roughly 3,888 Indian members in its company base, which account for 16% of its 24,000 members. This amount is driven by the UAE’s bilateral trade with India which has grown in recent years to surge 16% in 2023 after the implementation of the Comprehensive Economic Partnership Agreement (CEPA), according to a press release.

Executive Chairman and CEO of DMCC, Ahmed bin Sulayem, said: “The UAE-India landmark CEPA agreement eliminated duties on 90% of India’s exports including gems and jewellery, food and energy – and we saw the impact of this first hand, 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.”

DMCC also announced the opening of its representative office in Mumbai during its last India roadshow. The new facility marks a pivotal step in the dedicated international expansion.

Bin Sulayem concluded: “With bilateral trade set to surpass $100 billion within the next five years, we see clearly that the UAE-India trade corridor is not only deepening regional trade and investment but creating tangible new commercial opportunities on the ground.”

DMCC highlighted the importance of India and the wider South Asia region, particularly in high growth areas like technology, precious stones and metals, and agriculture.

In 2023, DMCC signed several partnership agreements with South Asian entities, such as the agreement with the Bharat Subcontinent Agri Foundation to fast-track the global agricultural commodities sector.

DMCC contributes 11% to Dubai’s annual foreign direct investment (FDI) inflows. Last year alone, the business district achieved its second-best year on record by welcoming around 2,700 new companies.

In addition, Dubai’s value of rough and polished diamonds trade rose by 2% annually to $38.30 billion in 2023.

Earlier this year, DMCC joined forces with Danube Properties to establish a residential project in its Jumeirah Lakes Towers (JLT) district and signed an agreement with the Seoul Business Agency (SBA) for the cooperation between the UAE and South Korea in several fields.