Dubai Multi Commodities Centre CEO Gautam Sashittal says India’s business community is now looking to Dubai as hub to expand business and grow internationally
The Dubai Multi Commodities Centre (DMCC), the Government authority on trade, enterprise and commodities in Dubai, has said that India’s business community is increasingly looking to Dubai as a hub to expand their business and grow internationally, as it concluded its week-long roadshow visiting Mumbai and Kolkata, West Bengal.
“Headquartered in Dubai, and home to 13,700 companies and growing, one Indian company joins DMCC every working day,” said Gautam Sashittal, DMCC Chief Executive Officer. “Over 2,000 Indian businesses have already come to DMCC to grow their business in Dubai and beyond.”
Passionate about connecting people and markets, DMCC visited Mumbai, the commercial capital of India in early October with their ‘Made for Trade Live’ roadshow. With over 300 Indian business leaders in attendance, the roadshow’s agenda explored the opportunities of setting up a company in DMCC, and the flexible benefits of operating out of Dubai.
A second roadshow held in Kolkatta, West Bengal, has attracted over 150 people.
Dubai headquartered DMCC is a centre of global trade. It is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with worldclass property like Jumeirah Lakes Towers, or delivering high performance business services. It provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future.
DMCC’s Indian events garnered strong support from high-level delegates in both India and the UAE. DMCC expressed gratitude for the strong support it received from esteemed government representatives including UAE Consul General, H.E. Mohammed Saleh Ahmed Jalah Al Teneij; H.E. Dr. Ahmed A.R. Albanna, Ambassador of UAE to India; Ahmad Sultan Al Falahi, Minister Plenipotentiary – Commercial; and Javed Ahmed Khan, Minister of the West Bengal Government.
“Valued at just US$180 million in the 1970’s, compared to the US$50 billion we see today, the UAE-India partnership is a great example of how strong leadership and collaboration delivers. Our inaugural DMCC Made for Trade Live roadshows in Mumbai and Kolkata sets out to build on this success by connecting business leaders here with Dubai’s pro-business community to unlock new opportunities and strengthen the future of trade for all,” stated Mr. Gautam Sashittal, Chief Executive Officer, DMCC.
Trade between UAE and India has a prosperous history. During the roadshow, DMCC highlighted its role in driving the next generation of cross-border trade to new heights and shared it aims to build on the strong bilateral trading ties and cultural friendships that exist between the UAE and India.
As a Free Zone, DMCC continues to be an ideal partner for Indian business. For the last two years, DMCC has been ranked the number one Free Zone in the world by the Financial Times’ fDi magazine.
The Free Zone offers an ultra-modern commercial environment in which resident businesses maintain 100 percent ownership, pay zero corporate taxation and in which there is no limit on the repatriation of profits. Beyond high-quality commercial space and infrastructure, DMCC provides cutting-edge physical platforms for trade, for example of gold, diamonds, tea, coffee and other commodities. Dubai is playing a major role for global tea trade. Last year, more than 45 million kilograms of tea was traded through the DMCC Tea Centre, more than four million kg of which came from India.
DMCC’s exchange, the Dubai Gold & Commodities Exchange lists many India-centric products, including gold, the BSE Sensex, Indian rupees futures and Indian single stock futures. Today, almost thirty percent of the global trade in Indian rupee futures takes place on DGCX. A market-maker for global trade and enterprise with a mandate to facilitate trade through Dubai and to connect new markets and more established markets, DMCC provides all of the products, services, physical and financial infrastructure business makers need to trade with confidence.