Dubai Multi Commodities Centre (DMCC) has announced that the number of Indian companies registered in its business district had risen 9% over the past 12 months to more than 4,080, thus making India its largest international business community.
The increase of more than 330 Indian firms means its businesses now account for more than 15% of DMCC's member companies, the free zone operator said in a statement.
This milestone was announced during DMCC's latest Made For Trade Live roadshow in the Indian cities of Pune and Mumbai, where DMCC engaged business leaders, investors and entrepreneurs on opportunities to expand internationally through Dubai.
The growth comes as economic ties between the UAE and India continue to expand under the Comprehensive Economic Partnership Agreement (CEPA), which took effect in 2022.
According to DMCC, bilateral trade between the two countries has increased by nearly 37% since the agreement entered into force, exceeding $100 billion last year.
Non-oil trade surpassed $65 billion, reaching the original CEPA target five years ahead of schedule. The two countries are aiming to increase bilateral trade to $200 billion by 2032.
DMCC Executive Chairman and CEO Ahmed bin Sulayem said: "The UAE and India have built one of the world's fastest-growing economic partnerships, and the continued expansion of our Indian business community reflects that momentum."
"Indian companies across sectors including technology, finance, precious stones, precious metals, maritime services and agricultural commodities are increasingly using Dubai as a base for international expansion," he stated.
DMCC said around 250 business leaders, entrepreneurs and investors attended its events in the two cirties, which focused on trade opportunities and Dubai's role as a regional hub for international business.
The organisation said it has more than 26,000 member companies and accounts for about 15% of Dubai's annual foreign direct investment and 7% of the emirate's gross domestic product.-TradeArabia News Service