Prime Minister Narendra Modi marked a significant milestone in India's economic journey on Wednesday as he inaugurated 'Bharat Mart', a state-of-the-art warehousing facility, in Dubai. The event was graced by the presence of UAE Vice-President and Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, underscoring the bilateral cooperation between the two nations. During their meeting on February 14, 2024, Prime Minister Modi and Sheikh Mohammed bin Rashid Al Maktoum engaged in comprehensive discussions covering various aspects of bilateral cooperation. Their talks encompassed trade, investment, technology, space exploration, educational exchanges, and fostering people-to-people ties.
Both leaders expressed contentment at the robust economic and commercial relations between India and the UAE, highlighting the pivotal role played by the Comprehensive Economic Partnership Agreement and the signing of the Bilateral Investment Treaty.
Bharat Mart: A Gateway to Global Markets
Bharat Mart, slated to commence operations by 2025, emerges as a crucial facilitator for Indian Micro, Small, and Medium Enterprises (MSMEs) seeking to expand their footprint in the global market. Serving as a comprehensive warehousing facility akin to China's 'Dragon Mart.'
It offers a unified platform for Indian exporters to showcase an array of products under one roof. This hybrid marketplace for Indian businesses leverages the strategic location and logistical prowess of Jebel Ali port, providing seamless access to global markets.
Leveraging Strategic Location:
The inauguration of Bharat Mart holds strategic significance, as highlighted by both leaders, in harnessing the geographical advantage of Jebel Ali Port. Prime Minister Modi emphasized the potential of Bharat Mart to bolster bilateral trade between India and the UAE, particularly in facilitating exports from India's MSME sector. With its strategic location, Bharat Mart aims to connect Indian businesses with international buyers across the Gulf, West Asia, Africa, and Eurasia.
Prime Minister Modi's visit and the discussions held underscore the commitment of both nations to further enhance cooperation across various sectors. As Bharat Mart gears up to become operational, it holds the promise of opening new avenues for Indian businesses, fostering economic growth, and cementing India's position as a key player in the global marketplace.
