UAE – The Government of Dubai Authority on commodities trade and enterprise DMCC has partnered with India based agribusiness company Bharat Subcontinent Agri Foundation (BSAF) to enhance agricultural (agri) commodities sector between the UAE and South Asia.
The new partnership targets aims to grow the agri commodities sector and solidifying agri trade ties between the UAE and the South Asian subcontinent – which includes India, Pakistan, Bangladesh, Sri Lanka and Nepal
The agreement was signed by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, and Sudhakar Tomar, Chairman of BSAF, at the inaugural South Asia Agri Summit in Kathmandu, Nepal.
The the MoU will see DMCC and BSAF partner in FoodTech and AgriTech projects, share prospective business opportunities and enhance knowledge transfer through exhibitions and conferences.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “DMCC has a longstanding and proud track record doing business with South Asia. Today, we are home to over 4,250 members from the region covering agri and many other sectors.”
The DMCC CEO further noted that the timing of this MOU with BSAF is strategically very important as trade has soared between the UAE and South Asia in recent years.
In 2020, South Asia exported food products worth US$5.15 billion to the Emirate and this is expected to rise even further with the formalization of the India-Middle East Food Corridor comprising of the UAE, Israel, and India.
UAE recently announced a US$2 billion investment in the construction of food parks in India that will utilize Israeli and U.S. climate-smart agritech, clean tech, and renewable energy technologies to “help maximize crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.”
He was confident that this trade “will only grow further with the signing of new CEPA agreements and food trade corridors, including the recent UAE-India CEPA.”
Sudhakar Tomar, Chairman of BSAF, said: “We are delighted to partner with DMCC in building the next chapter of agri-food trade between South Asia and the UAE. This is a vibrant new partnership which will provide crucial knowledge sharing in the wider efforts to grow South Asia’s connectivity and enhance food security at the regional and global levels.”
With growing awareness of global food security issues, agri goods occupy an increasingly strategic role in DMCC’s commodities mix, which encompasses tea, coffee, soya, sugar, spices and many other agri commodities.
DMCC is also at a vantage position to take the leadership position in this expanding market as it has a longstanding history in driving agri trade between South Asia and the UAE.
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