UAE-India boosting trade ties
Dubai Multi Commodities Center (DMCC) has recently signed a Memorandum of Understanding with the West Bengal Industrial Development Corporation (WBIDC) to seek new ways to attract, facilitate and promote trade between the world’s leading free zone and this rapidly growing Indian business community.
The Chief Operating Officer of DMCC, Feryal Ahmadi, and Managing Director of WBIDC, Vandana Yadav IAS, signed the MoU during the 5th Bengal Global Business Summit in Kolkata, India. The agreement is signed in efforts to strengthen the already strong partnership of the two countries.
“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, remove unnecessary bureaucracy and open the door for further trading opportunities. By signing this MoU, we are delighted to see that DMCC and State of Bengal are clearly embracing this approach and one that will only serve to benefit both countries," Mr Ahmad Alfalahi, Commercial Attache for the UAE Embassy in India, stated.
This MoU has further cemented the strong bilateral trade relationships of the UAE and India who have historically shared close ties. As outlined in the MoU, the initiatives serve as a launch pad for Indian businesses looking to grow in Dubai and beyond. The MoU commits both parties to raise awareness around export promotion, facilitate trade, boost business activity and knowledge transfer.
During the ceremony, Vandana IAS mentioned that: “there is a strong synergy between Dubai and the state of West Bengal. Looking ahead, there is a significant 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.”
UAE Embassy in India and Dubai Chamber of Commerce and Industry representatives also attended the ceremony.