Dubai, UAE – Dubai Multi Commodities Centre (DMCC) — a free zone and Dubai government’s authority on commodities trade and enterprise — will open a representative office in Mumbai, India, in partnership with business services firm PP Shah and Associates.
The announcement came after DMCC concluded its Made For Trade Live trade roadshow in the Indian cities of Mumbai, Surat and Jaipur. During the show, DMCC highlighted Dubai as a platform for Indian companies to expand internationally, WAM reported.
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 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 that bilateral trade between the UAE and India increased 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,” he said.
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: “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.”
Industry veteran Siddharth Shah, a graduate of IIT-Bombay and Wharton Business School with 15 years of banking and consulting experience leads DMCC’s office in Mumbai.
India and the wider subcontinent have been earmarked as a region of high strategic growth for DMCC in multiple industry sectors.