India’s Bharat Mart Project In UAE Receives 9,000 EOIs: Piyush Goyal

New Delhi, Oct 8 (KNN) In a significant development for India's international trade infrastructure, Commerce and Industry Minister Piyush Goyal has revealed that the Bharat Mart project in the UAE has garnered substantial interest, with 9,000 Expressions of Interest (EOIs) received by logistics company DP World.

The initiative, a collaborative effort between India and the UAE, aims to establish a state-of-the-art warehousing and trading hub designed to boost India's micro, small, and medium enterprises (MSME) sector.

The ambitious project encompasses the construction of 1,400 units across a 100,000 square meter area, offering Indian traders, manufacturers, and exporters a strategic gateway to markets in the Middle East, Africa, and Eastern Europe. Leveraging DP World's renowned logistics infrastructure, Bharat Mart is poised to provide a unique blend of free zone and mainland retail market benefits upon its anticipated completion in 2026.

The foundational ceremony for Bharat Mart took place in February 2024, with Indian Prime Minister Narendra Modi and Sheikh Mohamed bin Rashid Al Maktoum, the Ruler of Dubai, laying the cornerstone. This event marked a pivotal moment in strengthening economic ties between India and the UAE.

In a parallel development, plans are underway to establish the first overseas campus of the Indian Institute of Foreign Trade (IIFT) in the UAE, further solidifying educational and business links between the two nations. Additionally, the India-UAE Joint Committee is scheduled to convene next week to address pressing business concerns.

Despite these positive strides, Minister Goyal acknowledged that global trade confidence has been affected by ongoing conflicts, including those in the Middle East. This observation underscores the complex geopolitical landscape within which these economic initiatives are unfolding.

(KNN Bureau)