Dubai Multi Commodities Centre (DMCC), a leading free zone for commodities trade and enterprise, has signed a strategic partnership with CropData Technology to develop a digital pan-India agri trading marketplace, as the UAE and India look to intensify economic cooperation.
Under the agreement, DMCC will develop the digital platform which will eventually connect up to 500 logistic hubs throughout India, by streamlining the forward sale of farm outputs. With over 14,000 companies in its free zone, DMCC will also act as a gateway for increasing agri trade between the two countries.
Built on blockchain technology, the DMCC and CropData Technology partnership forms the largest technological initiative of its kind in the region, and is due to be operational this year in two states in India.
Ahmed Bin Sulayem, executive chairman, DMCC, said: The UAE and India are on a steep mission to grow cross-border collaboration. This is exciting, and we are delighted to introduce new technology that will further facilitate and increase trade between our two countries.”
Gautam Sashittal, chief executive officer, DMCC, said: This online marketplace will be the first such collaboration in the agri space between the two countries and will complement the Indian governments eNAM (electronic National Agriculture Marketing) initiative.
The DMCC and CropData Technology partnership aligns with the ongoing work between the UAE and India to increase connectivity and enhance bilateral trade between the two countries.