New Delhi, December 18 (UNI) The Jebel Ali (Jafza) Free Zone in Dubai, one of the world’s leading free trade zones, offers Indian industry a potential $ 10 billion opportunity to expand its global presence by leveraging trade platforms and infrastructure offered by the UAE as India and UAE step up economic cooperation ahead of the expected signing of the free trade agreement.
Aiming to make India the UAE’s premier trading partner, Minister of Trade and Industry, Consumer Affairs and Textiles, Piyush Goyal, told Indian industry leaders and for export promotion boards in Mumbai to use the advantage offered by the UAE as a gateway to the Gulf Cooperation Council and Africa as well as the UAE’s $ 100 billion pledge for the investment and creation of infrastructure in India in order to expand their international presence.
The Minister also welcomed solutions such as the provision of low-cost financing for Indian companies offered by Sultan Ahmed Bin Sulayem, group chairman and managing director of DP World, one of the leading fully-owned smart logistics providers. to the government of the United Arab Emirates.
The company is establishing India Mart Traders Market, a dedicated marketplace for Indian businesses that would allow traders and manufacturers to trade with the local and regional market in the United Arab Emirates. “Now is the time for India to seize the opportunity in the global market,” said the global president of DP, addressing exporters and the industry on the potential offered by the India Mart Traders market and the Jebel Ali free zone which has hundreds of warehouses suitable for any trader who would like to see and smell the market. There is a huge shortage everywhere, which India can fill with the United Arab Emirates keen to support products made in India for exports to the world.
Goyal expects favorable results from the India-UAE FTA, which is currently at an advanced stage of negotiation and finalization. “The UAE-India FTA will be the fastest negotiated FTA by India and the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, providing maximum opportunities for India,” Goyal said. in its interaction with exporters on creating a roadmap for expanding shipments to the UAE and using its base to expand to the GCC and other markets in Africa and beyond.
Export promotion agencies hailed the decision to open the India Mart Traders Market as timely and important. According to Naresh Bhasin, regional chairman of the Leather Exports Council, the cost of capital is cheaper in the UAE and the creation of the traders market in Dubai will be very attractive to the leather industry. As MSMEs and start-ups expand their businesses, there is a need to give them access to India Mart, said Amit Sarda, a member of the Retailers Association of India (RAI), who also felt that the Mart should have a packing facility.
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