Bilateral trade expected to exceed $100 billion by 2020
DP World, UAE Region has launched “The India-UAE Bridge”, a major initiative that will attract Indian trade and investments to its flagship Jebel Ali Port and Jafza by offering end-to-end (e2e) solutions to companies and entrepreneurs.
Details of the ambitious initiative were announced at “The India-UAE Bridge” event, a jointly organised event by DP World UAE Region, Jafza and the Indian Business & Professional Council (IBPC).
The e2e solutions delivered under the initiative will support investors through value propositions such as the integration of DP World’s assets in both countries, enhancing access to markets beyond the company’s network connectivity and global portfolio.
Following the recent DP World Indian Traders’ Incubation Centre launch at Jafza One, one of the primary purposes of the initiative is to serve as a platform for talented Indians looking to share their ideas and businesses to markets in the Middle East and further.
The businesses will enjoy the exposure and connectivity to shipping lines and services, through key ports in the region, including Jebel Ali Port, and the strategic incentives and benefits of Jafza.
The summit was attended by His Excellency Navdeep Suri, Ambassador of India to UAE, Mohammed Al Muallem, CEO and Managing Director, DP World, UAE Region and CEO of Jafza, Nimish Makvana, President of the Executive Committee, IBPC, DP World officials and Indian business leaders and decision-makers.
Through Jebel Ali Port, Jafza and the bilateral trade between the two countries, India has predominately been one of the UAE’s largest trade partners, boasting over $60 billion with annual growth rate touching 11 per cent.
Both governments view this as a strategic relationship due to enter a vibrant growth phase with bilateral trade expectancy to exceed $100 billion by 2020.
In 2018, UAE company investments in India, led by DP World’s $3 billion joint investment fund with India’s National Investment and Infrastructure Fund (NIIF) have been set to acquire assets and develop projects in sea and river ports, freight corridors, special economic zones, inland container terminals, and logistics infrastructure such as cold storage.
Addressing the gathering, His Excellency Navdeep Suri, Ambassador of India to UAE, said: “The India-UAE Bridge is a win-win for both sides. India is now the fifth largest economy in the world and one of the fastest growing major economies.
“During the current year, India is expected to add almost $200 billion to global economic growth. DP World already has substantial investments in India and Indian companies account for a large share of total investments into Jafza.
“With their advanced infrastructure and logistics capabilities, DP World and Jafza are ideally positioned to become key partners in India’s growth story. I expect that the proposed Bridge could become a significant element in the India-UAE Comprehensive Strategic Partnership.”
Mohammed Al Muallem, CEO and Managing Director, DP World, UAE Region and CEO of Jafza, said: “India is the UAE’s second largest trade partner, and as the region’s leading trade enabler, we are keen to maintain these excellent trade ties and create a relationship that will allow both our countries to prosper.
“Under The India-UAE Bridge, synergies between DP World, UAE Region and India and the ports and logistics capabilities in both the countries, we will be able to offer integrated supply chain solutions to businesses through our unique end-to-end solutions.
The India-UAE Bridge is strategically designed to facilitate trade integration capabilities of global trade enabler DP World’s portfolio of over 150 operations in over 40 countries across six continents.
This includes the significant presence in both high-growth and mature markets, including 78 marine and inland terminals and 17 Logistics parks and Economic Zones (operational and under development).
The UAE and India enjoy long-standing and cordial relations across multiple fronts. Backed by the government and people-to-people interactions, bilateral trade continues to soar.
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