Hyderabad, October 05, 2024….. The Dubai Multi Commodities Centre (DMCC), a commodities exchange and free-trade zone in the United Arab Emirates organised a roadshow on doing business in Dubai in FTCCI on Friday.
Addressing a hundred-plus gathering, Bassel Bitar, Regional Representative, DMCC–Asia and Eastern Europe said Dubai is one of the world’s top business hubs. DMCC facilitates trade flows and attracts investment while delivering the finest infrastructure and support services to our members to help their businesses grow. Dubai is more known as a shopping destination, but it is also a business hub he said and added that established in 2002, DMCC has 24000 members representing 187 countries and 80,000 people working in it. DMCC is a country within the country he said. Brand Dubai has been gaining a lot of traction, he told the gathering.
Speaking further he added that 3914 Indian companies have already set up shops in DMCC and doing business.
Siddharth Shah, Head of DMCC India Promotional Office said that the local office was set up to help Indian entrepreneurs set up their base in Dubai without much hiccups.
Ravi Kumar, Senior Vice President of The Federation of Telangana Chambers of Commerce and Industry (FTCCI). which organised the interactive session said the advantages of Dubai are it provides centralised time zones that benefit businesses to reach out to their clients located across the world in a single day. Dubai is a transit point for most of the countries and its airport is world-famous due to the number of flights.
Speaking further he added that DMCC being an independent authority exempts companies operating in the free trade zone from taxes, customs duties and regulations
Chakravarthi AVPS, Chair International Trade and Business Relations Committee said Telangana industries can benefit significantly by collaborating with the Dubai Multi Commodities Centre (DMCC). For better collaboration with the Dubai Multi Commodities Centre (DMCC), Telangana industries should focus on specific requests and areas that align with their strategic goals. He gave some key aspects Telangana-based industries could ask DMCC to facilitate collaboration as Access to Global Markets, Sector-Specific Hubs and Infrastructure, Agri-Commodities, Pharmaceutical and Healthcare Zones and Gems and Jewelry Sector Telangana could explore partnerships for skill development in key sectors like commodities trading, logistics, and financial services through DMCC’s expertise and resources.