India and UAE Strengthen Bonds with Virtual Inauguration of Bharat Mart in Dubai

Prime Minister Narendra Modi and Sheikh Mohamed bin Rashid Al Maktoum collaborated in a virtual ceremony to lay the foundation stone of Bharat Mart, a groundbreaking initiative within the Jebel Ali Free Trade Zone in Dubai. This collaborative effort, led by DP World, aims to establish Bharat Mart as a unique hybrid marketplace, providing Indian businesses with a gateway to global markets.

Strategic Significance of Bharat Mart

Bharat Mart, strategically located within the Jebel Ali Free Trade Zone, capitalizes on the robust logistics of Jebel Ali port. The initiative is designed to offer a platform for micro, small, and medium enterprises (MSMEs) from India, enabling them to expand their market reach across the Gulf, West Asia, Africa, and Eurasia.

Bilateral Meeting and Economic Cooperation

During the virtual event, both leaders highlighted the potential of Bharat Mart to enhance bilateral trade between India and the UAE. Additionally, Prime Minister Modi and Sheikh Mohamed engaged in a bilateral meeting, discussing various facets of cooperation, including trade, investment, technology, space, education, and cultural exchanges.

Strengthening Economic Ties

The leaders expressed satisfaction with the growing economic ties, underscoring the role played by the Comprehensive Economic Partnership Agreement and the recently signed Bilateral Investment Treaty. These agreements are poised to further strengthen the economic collaboration between the two nations.

Acknowledgment of Indian Diaspora's Contribution

Recognizing the significant role played by the Indian diaspora in Dubai's global stature, Prime Minister Modi extended gratitude to Sheikh Mohamed for supporting the Indian community in Dubai. A notable gesture was the announcement of land allocation for the establishment of an Indian Community Hospital, aimed at providing affordable healthcare services to Indian blue-collar workers in Dubai.

Invitation for Bilateral Visit

In a bid to deepen ties, Prime Minister Modi extended a formal invitation to Sheikh Mohamed to visit India at the earliest convenience. This invitation reflects the shared commitment to fostering mutual understanding and cooperation between the two nations.

This momentous event, detailed in the virtual foundation stone laying of Bharat Mart, signifies a new chapter in the strategic partnership between India and the UAE, promising economic growth, cultural exchange, and enhanced collaboration.