DMCC, the global gateway for commodity trade and enterprise in Dubai and the region, welcomed a high-ranking delegation from Madhya Pradesh, a state in central India, to Almas Tower. The visit aimed to strengthen trading ties and international relations between the UAE and India and explore mutual cooperation opportunities.
HE Shivraj Singh Chauhan, Chief Minister of MP and Leader of the Delegation, HE Yashodhara Raje Scindia, Minister of Industries and Commerce, MP, and HE Umashanker Gupta, Minister of HRD, MP, toured DMCC’s facilities and met with senior management including Gautam Sashittal, Chief Executive Officer and Krysta Fox, Director – Free Zone.
Gautam Sashittal, Chief Executive Officer of DMCC said, “The UAE and India have enjoyed strong trading relations for many years and, as these relations continue to evolve, we see the commodities market trade grow and mature at an unrivalled pace, thanks to the strong collaboration between Dubai and states such as Madhya Pradesh. We look forward to further collaboration with Madhya Pradesh and to explore the opportunities awaiting both parties as we continue to position Dubai as the global hub for commodities trade.”
HE Shivraj Singh Chauhan, Chief Minister of MP and Leader of the Delegation added, “Our visit to DMCC was both informative and enjoyable, and we appreciate the warm hospitality extended to us. Madhya Pradesh, like Dubai, is an ideal location for trade with many incentives and advantages making it attractive for investment, including ready availability of land and surplus of power. It will be our pleasure to reciprocate the hospitality during the upcoming Global Investors summit on 8-10 October in Indore.”
Madhya Pradesh is often referred to as the ‘Heart of India’ due to its geographical location and its variety of resources including, wheat, sugarcanes and diamonds.
The UAE and India have enjoyed longstanding trade relations beginning with the barter of pearls for cotton; and dry fruits for grains, and growing and diversifying into jewellery, diamond, precious stones and bullion trade. In 2013, India was once again Dubai’s biggest trading partner with the two-way trade hitting AED137 billion, representing 10 per cent share of the UAE’s overall trade. The UAE is also India’s top export destination, accounting for more than 10 per cent of its tangible exports.
There are over 9,000 member companies operating from the DMCC Free Zone today including 1,600 Indian registered companies of which a large proportion are jewellery and gemstone businesses, and service providers based in Almas Tower.
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