Dubai Multi Commodities Centre (DMCC), the government of Dubai Authority on trade and enterprise, has collaborated with Indian business service firm PP Shah and Associates to open a representative service in the city of Mumbai, Maharashtra, India. DMCC targets at enhancing the relationship between the United Arab Emirates and India in support of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which was signed last year.
DMCC has facilitated UAE-India trade and investment
The Executive Chairman and Chief Executive Officer of DMCC, Ahmed Bin Sulayem, reported that the bilateral trade between the two countries has risen high, now increasing by 14 percent to hit dollar 76.9 billion within just 11 months of implementing the Comprehensive Economic Partnership Agreement (CEPA).
He added that with more than 3,700 Indian businesses in their free zone, DMCC has been an integral part of arranging bilateral trade and investments between the UAE and India. This launching of a representative office in Mumbai will be a major part of the relationship’s evolution, which is a direct picture of DMCC’s commitment to business in India and across the subcontinent.
This announcement regarding the representative office was made as a part of its Made for Trade live roadshows in India, whilst DMCC took a visit to various cities in India, including Mumbai, Surat, and Jaipur highlighting Dubai as a perfect landscape for Indian companies to expand on an international scale. This roadshow was conducted in partnership with the (FICCI) Federation of Indian Chambers of Commerce and Industry.
DMCC’s Indian partnership will be with the PP Shah and Associates to develop the new office which aligns with UAE-India CEPA signed the previous year. This office will be handling all regulations, compliance, and details regarding the registration of companies and will also offer exclusively curated license packages for Indian businesses. The representative office in Mumbai will be headed by Sidharth Shah, who has over 15 years of banking and consulting experience. Mr. Sidhart Shah graduated from IIT Mumbai and Wharton Business School.
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This office will be offering a one-stop solution for businesses in India who are looking to expand through Dubai, in addition to aiding in establishing an image in DMCC.
During the Made for Trade, the senior executives talked to more than 500 government bodies and business leaders from a wide variety of sectors. The conversations were all centered around Dubai being a preferred destination for setting up business in the city.
PP Shah and Associates revealed in a statement that with this collaboration with DMCC, they will be connecting the nations further which will only aid in the success of Indian businesses and enterprises. DMCC will provide a unique ecosystem that will provide confidence through strong regulations and frameworks, cost benefits through competitive office situations in addition to offering a wide range of services and facilities that will enhance the ease of doing business for Indian entrepreneurs as well as large companies.