Dubai’s DMCC strikes deal with West Bengal industrial body

UAE is India’s second largest trading partner with $53bn of bilateral trade in 2017

epa07343908 Auto rickshaws drive through traffic on the western express highway in Mumbai, India, 14 November 2018. People move and commute in many different ways depending on how the live, where they live, and where they go. In western countries, the daily transportation options mainly comprise of buses, trains and taxis. Across the globe, Asian commuters move around in vehicles that are often outdated in the west or were never used. From motorcycle taxis to trams to horse drawn carriages, Asian commuters utilize a wide variety of vehicles every day. Motorcycles and mopeds are used widely in Asia because they are relatively affordable. They are used to transport goods ranging from boxes to balloons or even chickens. Some countries have a moto taxi system that helps commuters beat the heavy traffic. The traditional tuk-tuk design, a three wheeled cabin cycle, is also used as public transport in countries like Thailand, Laos, Cambodia, India and Indonesia where it is called bajaj. In Laos and Cambodia tuk-tuks are used mainly to cover short distances and cheaper fares, while they are rather a national symbol in Thailand and as such, most tourists will want to ride in one before heading back home. The jeepney is a cultural icon of the Philippines, a stretched out jeep remnant from WWII, converted into public buses. Colorful and hard to miss on the streets, jeepneys are often crammed with commuters as they are not only popular with tourists but with locals for their cheap fares. Pedaled or pulled rickshaws have dwindled in some countries over the years but they are still very much alive in places like Nepal, Myanmar and India. Nepal's three wheeler rickshaw and Myanmar's trishaw, or side-car as it is known locally, are pedaled like a tricycle, while the Indian rickshaw is pulled by its driver running often barefoot. Effectively every country in Asia has its own preferred mode of transportation. Convenient and cheap, operating on water, rail tracks, or pavement. Som

India, Asia's third largest economy, is the UAE’s second biggest trading partner by volume. EPA

Feb 09, 2019

Dubai Multi Commodities Centre, the free zone, signed an agreement with the West Bengal Industrial Development Corporation in India to strengthen bilateral trade relations, the two parties said on Saturday.

The corporation is part of West Bengal government’s Commerce and Industries Department, which aims to boost economic development across the state.

DMCC is the free zone that houses around 15,000 companies in Dubai’s Jumeirah Lakes Towers district. Major Indian firms that are based in DMCC include the steel giant Tata Group, as well as Reliance, Hakan Agro, Rosy Blue and Adani Group.

Under a preliminary agreement, the two parties pledged to find new ways of growing the Indian business community in Dubai and increasing bilateral trade.

“DMCC…and the state of West Bengal, seek new ways to attract, facilitate and promote trade,” said Feryal Ahmadi, DMCC chief operating officer, in a statement.

India, Asia's third largest economy, is the UAE’s second biggest trading partner by volume. Total bilateral trade between the two countries is forecast to cross $100 billion (Dh367bn) by 2020, Abdulla Al Saleh, undersecretary of foreign trade and industry at the UAE’s Ministry of Economy, said last year.

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In 2017, total trade between the two countries reached $53bn, of which $35bn was non-oil trade. The UAE is India’s third largest foreign trade partner after China and the US.

“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 to trade,” added Ahmad Alfalahi, commercial attache for the UAE Embassy in India.

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

“There is a strong synergy between Dubai and the state of West Bengal, and a significant opportunity to strengthen ties, collaborate further and work even closer together to boost business activity and knowledge transfer,” said Vandana Yadav, managing director of West Bengal Industrial Development Corporation.