DMCC, the flagship free zone and Government of Dubai Authority on commodities trade and enterprise, recently attracted 160 new Indian businesses in the past year. The chairman of DMCC, Ahmed Bin Sulayem, announced this after the conclusion of the Made for Trade Live roadshow in New Delhi and Mumbai. With the aim of building upon the $85 billion non-oil trade corridor between the UAE and India, DMCC highlighted the role of its district and infrastructure as a platform for Indian companies to expand internationally and unlock growth opportunities. The bilateral trade between the UAE and India has seen a significant surge of 16% in 2023, following the implementation of the Comprehensive Economic Partnership Agreement (CEPA).
Bin Sulayem mentioned that the landmark CEPA agreement between the UAE and India has eliminated duties on 90% of India’s exports, leading to a rapid growth in trade and investment. Currently, DMCC is home to 3,888 Indian member companies, representing 16% of its total 24,000 members. With the bilateral trade expected to surpass $100 billion within the next five years, DMCC is committed to furthering the potential of this relationship and providing an enabling environment for Indian businesses to tap into global markets from Dubai. The roadshow saw senior DMCC executives engaging with over 200 Indian government bodies and business leaders, highlighting Dubai’s business-friendly environment and its position as an international trade gateway.
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. The opening of a representative office in Mumbai marked a pivotal step in providing dedicated international expansion support for Indian businesses in their home market. DMCC’s roadshow programme aims to showcase Dubai as a premier business destination, emphasizing the emirate’s value proposition in attracting foreign direct investment.
DMCC plays a significant role in Dubai’s annual FDI inflows, contributing 11% to the total. In 2023, the business district achieved its second-best year on record, welcoming nearly 2,700 new companies. With over 24,000 businesses from around the globe now calling DMCC home, the free zone continues to attract international companies seeking to establish a presence in Dubai. The partnerships and agreements with South Asian entities further strengthen DMCC’s position as a hub for trade and enterprise, especially in key sectors like technology and agriculture. The roadshow events serve as a platform for showcasing Dubai’s business advantages and attracting foreign businesses looking to expand in the region.
