India and Dubai have announced six strategic partnerships starting with the construction of Bharat Mart, which will be completed by the end of 2026, Industry and Commerce Minister Piyush Goyal said at the India-Dubai Business Forum in Mumbai.
Bharat Mart is envisaged as a marketplace to provides Indian traders, exporters, and manufacturers access to markets in the Middle East, Africa and Eurasia. It will be constructed by the UAE-based logistics major DP World.
Another initiative by the Indian government is to connect India and Africa through sea and air connectivity led by ports, economic zones and logistic parks, which will operated by DP World in both the regions.
Indian exporters can access 53 African countries and the platform will provide Indian business access to robust warehousing, trade finance and distribution networks, said Sultan Bin Sulayem, group chairman and chief executive officer of DP World.
“…we will make sure they (Indian exporters) increase their sales from 6.5% to 12% in a year,” Sulayem said.
Also, a memorandum of understanding has been signed between DP World and Rites Limited, a public sector undertaking of the government. This MoU is aimed at exploring opportunities to develop projects globally, and the virtual trade corridor launch under the pact has been slated for September.
An MoU has also been inked between DP World and Cochin Shipyard Ltd., which will drive collaboration in ship repair, ship construction, offshore fabrication, oil and gas, and will align with the Maritime of India Vision 2030.
Notably, DP World is also on track to complete the Tunakakra Container Terminal, also known as Tuna Port. The full-scale construction of this greenfield port will be completed in 2027, Sulayem said.
The deepening of business bonhomie between India and the UAE comes amid the tariffs imposed by US President Donald Trump on all trading partners, which has sparked fears of a global trade war.
Under the reciprocal tariff policy of Trump, Indian imports have been hit with 26% levies. The imports from the UAE to the US have been subjected to a 10% tariff.
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