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21 May 2024

UAE-India boosting trade ties

By Wam

DMCC, world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has signed a Memorandum of Understanding, MoU, with West Bengal Industrial Development Corporation, WBIDC, Government of West Bengal, in India.

Feryal Ahmadi, Chief Operating Officer of DMCC, and Vandana Yadav IAS, Managing Director of WBIDC, signed the MoU at the 5th Bengal Global Business Summit in Kolkata, India, further cementing the strong bilateral trade relations between DMCC and a rapidly growing Indian business community.

"As we deepen our already strong partnership with the business community in India, DMCC takes pride in collaborating with WBIDC, and the state of West Bengal, to seek new ways to attract, facilitate and promote trade. As a result of our relationship with WBIDC, the initiatives outlined in this MoU serve as a launch pad for Indian businesses looking to grow in Dubai and beyond," said Ahmadi.

"India is the UAE’s second largest trading partner by volume. Both countries are making a concerted effort to strengthen commercial ties, create an environment that is even more welcoming to investment, removes unnecessary bureaucracy and opens the door trade. By signing this MoU, we are delighted that DMCC and State of Bengal are clearly embracing this approach and one that will only serve to benefit both countries," said Ahmad Alfalahi, Commercial Attache for the UAE Embassy in India.

The MoU commits both parties to raise awareness around export promotion, facilitate trade, boost investment interaction and connect businesses from across geographies, sectors and industries.

"There is a strong synergy between Dubai and the state of West Bengal. Looking ahead, there is a signficant opportunity to strengthen ties, collaborate further and work even closer together to boost business activity and knowledge transfer. DMCC is a strong partner, and will help Dubai, India and West Bengal do precisely that. We look forward to working with the world’s leading Free Zone and meet the ambitious targets outlined in our MoU," Vandana IAS noted.

Representatives of both UAE Embassy in India and Dubai Chamber of Commerce and Industry attended the ceremony.