Dubai Multi Commodities Centre (DMCC), the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – and the Bharat Subcontinent Agri Foundation (BSAF), on Monday signed a memorandum of understanding (MoU) that will see the two entities collaborate to advance the global agricultural commodities sector between the UAE and South Asia.
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.
Targeting the growth of the global agri commodities sector and solidifying agri trade ties between the UAE and the South Asian subcontinent – which includes India, Bangladesh, Bhutan, Nepal, Pakistan, and Sri Lanka – 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.
In his comments, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said that 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 timing of this MoU with BSAF is strategically very important as trade has soared between the UAE and South Asia in recent years and will only grow more with the signing of new CEPA agreements and food trade corridors, including the recent UAE-India CEPA,” he added.
Sudhakar Tomar, Chairman of BSAF, said that they were 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,” Tomar said.
DMCC has a longstanding history in driving agri trade between India and the UAE. With growing awareness of global food security issues, agri goods occupy an increasingly strategic role in DMCC’s commodities mix, which encompasses coffee, tea, soya, sugar, spices, and many other agri commodities.