The Dubai Multi Commodities Centre (DMCC) on May 15 announced that it will be opening a representative office in Mumbai to boost cooperation and trade in Mumbai. The launch of the flagship office in the finance capital of the company is in line with DMCC’s plans to grow its 3,700 Indian member company base.
Commenting on the launch of the Mumbai office, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC Authority, said: “Bilateral trade between UAE and India has reached historical levels, increasing by 14 percent to hit $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.”
DMCC’s representative office in Mumbai will be 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.
The announcement was made during the last leg of the DMCC ‘Made For Trade Live’ trade roadshow it held in India last week. 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, the authority said in a statement.
Through the course of the roadshow, 500 Indian businesses were briefed on “Dubai’s unique business environment and DMCC’s leading position as an international trade hub during a roadshow in Mumbai, Surat and Jaipur”, it added.
The event was hosted in partnership with the Federation of Indian Chambers of Commerce & Industry (FICCI).
DMCC has partnered with business services firm PP Shah and Associates to open a representative office in Mumbai. “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,” the Dubai-based organisation said.
Speaking about the partnership, 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.”
Earlier this year, DMCC and the Bharat Subcontinent Agri Foundation (BSAF) signed an MoU to advance the global agricultural commodities sector between the UAE and South Asia.
Roadshows in India showcase benefits of doing business in DMCC
One of the world’s leading free zones, the DMCC saw 708 new companies join its bandwagon in Q1 2023. During 2022, the zone saw 3,049 new firms get registered. DMCC comprises 21,000 member firms from 180 countries and employs 65,000 people. It contributes approximately 10 percent to Dubai’s GDP with 90 percent of the registered companies from India, UK, Germany, China and France.
Ahmed Bin Sulayem said that 3,700 companies are currently registered with DMCC in India as they get quality and high-speed services enabling them to explore international markets from there.
DMCC’s relations with India is growing, said the DMCC CEO. Sulayem said that he is pushing for a direct flight from Surat to Dubai as Surat is a diamond hub. “India is not just the call centre of the world, there is a lot of development in India,” he added.
It is to be noted that the Dubai Gold and Commodities Exchange listed the first Rupee futures contract.
The DMCC CEO said that while businesses will utilise maximum benefit from artificial Intelligence, he would tread cautiously on that front.
While DMCC is focusing on industries like meat, cocoa, coffee and tea, water as a sector is what can interest both countries, Sulayem said. Parts of India and Pakistan face floods and droughts at the same time while Dubai desalinates seawater. So, collecting, treating and monetising water is perhaps the solution, he added.
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