Indian Prime Minister Narendra Modi and UAE’s Vice President Mohamed bin Rashid Al Maktoum inaugurated the Bharat Mart in a virtual ceremony, highlighting its potential to elevate India-UAE trade relations.
Foundation stone laid for Bharat Mart in Dubai
Indian Prime Minister Narendra Modi, in collaboration with UAE’s Vice President Mohamed bin Rashid Al Maktoum, commenced the development of Bharat Mart, a logistics and warehousing hub, in Dubai’s Jebel Ali Free Trade Zone. This initiative, spearheaded by DP World, promises to revolutionize India’s export sector, particularly for small and medium-sized enterprises (SMEs).
DP World and India’s Commerce Ministry join forces
Bharat Mart, likened to China’s renowned Dragon Mart, is the result of a strategic alliance between DP World, a global leader in logistics, and India’s Ministry of Commerce and Industry. This landmark project aims to streamline export processes for Indian SMEs, significantly reducing shipping costs and transit times to key markets in Africa and Europe.
Enhancing India-UAE trade relations
The inauguration ceremony, attended virtually by Modi and Mohamed bin Rashid, underscores the pivotal role Bharat Mart is poised to play in enhancing India-UAE trade dynamics. Leveraging Jebel Ali Port’s strategic location and robust logistics infrastructure, Bharat Mart is set to become a nucleus for Indian exporters seeking access to Gulf, West Asia, Africa, and Eurasia markets.
Promoting Indian SME exports
Modi emphasized Bharat Mart’s potential to amplify exports from India’s micro, small, and medium sectors by facilitating direct engagement with international buyers. This initiative aligns with India’s broader strategy to expand its economic footprint and foster closer ties with global trading partners.
Strengthening bilateral relations
During a bilateral meeting, Modi and Mohamed bin Rashid reaffirmed their commitment to bolstering trade, investment, and technological collaboration between India and the UAE. Both leaders hailed the Comprehensive Economic Partnership Agreement and bilateral investment treaty as significant milestones in strengthening economic cooperation.
Bharat Mart’s inauguration marks a significant milestone in India’s quest to expand its global trade footprint. With a focus on promoting SME exports and fostering closer ties with key trading partners, Bharat Mart is a harbinger of India’s economic resurgence on the world stage.
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