Bharat Mart : All you need to know at UAE
Is it directly compititon to China´s biggest Dragon Mart?
While in the United Arab Emirates, Prime Minister Narendra Modi is expected to unveil Bharat Mart, a warehouse intended to boost Indian exports. Shipping costs and time will be reduced by Bharat Mart, which will offer Indian exports in a one-stop shop similar to China's Dragon Mart. This measure aligns with the increasing economic ties between the United Arab Emirates and India, fostering comprehensive partnerships and facilitating the expansion of trade into several markets. During his visit to the United Arab Emirates, Prime Minister Narendra Modi opened the Bharat Mart, a warehouse facility designed to boost Indian exports. At the opening ceremony was Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai as well as the vice president and prime minister of the United Arab Emirates. The first Hindu temple in the UAE is set to be dedicated by the Indian PM who is currently visiting. After that, he is anticipated to travel to Qatar and have a meeting with Sheikh Tamim bin Hamad Al Thani, the Emir.
Bharat Mart: What is it?
India's warehousing facility, Bharat Mart, was established in the United Arab Emirates to assist Indian exporters in showcasing their goods under one roof. This reminds me of Dragon Mart in China. It is expected that the facility will begin to operate in 2025. According to an ET story from December 2023, the building will have a mix of retail, hospitality, and warehousing space spread across more than one lakh square meters. The facility will be built in the Jebel Ali Free Zone (JAFZA), which is owned by DP World. With the aid of Bharat Mart, Indian businesses will be able to grow into continents such as Europe, Africa, and even the US. Experts told ET that the facility will assist in lowering the time and expense of delivering goods between India and other nations.
Relations between India and the UAE
Recent years have seen an increase in trade between India and the UAE, with Foreign Secretary Vinay Kwatra asserting that India's relationship with the UAE is one of its most extensive relationships of any nation. Kwatra also discussed the Middle East-Europe-India Economic Corridor (IMEC), which was unveiled in 2023 while India was leading the G20. India, the UAE, Saudi Arabia, Jordan, Israel, and Europe will all be connected by the IMEC. Speaking during the special briefing on PM Modi's official visit to the UAE, Kwatra discussed the ten Memorandums of Understanding that the UAE and India signed while PM Modi and UAE President Mohamed bin Zayed Al Nahyan were there.
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