The Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding (MoU) with the Bharat Subcontinent Agri Foundation (BSAF) to collaborate on FoodTech and AgriTech projects. This partnership aims to advance the global agricultural commodities sector between the UAE and South Asia, by sharing prospective business opportunities and enhancing knowledge transfer through exhibitions and conferences in the FoodTech and AgriTech fields.
The MoU, signed by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, and Sudhakar Tomar, Chairman of BSAF, at the inaugural South Asia Agri Summit in Kathmandu, Nepal, aims to target the growth of the global agricultural commodities sector and solidify agri-trade ties between the UAE and the South Asian subcontinent (India, Pakistan, Bangladesh, Sri Lanka, and Nepal) specifically in the FoodTech and AgriTech sector.
DMCC has a strong history of doing business with South Asia, as it currently has over 4,250 members from the region covering agri and many other sectors. With growing awareness of global food security issues, Agri goods occupy an increasingly strategic role in DMCC’s commodities mix, specifically in the FoodTech and AgriTech sectors.
As trade between the UAE and South Asia continues to soar, the MoU comes at a strategically important time, as new Comprehensive Economic Partnership Agreements (CEPA) and food trade corridors are being signed, including the recent UAE-India CEPA.
Sudhakar Tomar, Chairman of BSAF, stated that the partnership with DMCC will provide crucial knowledge sharing in the efforts to grow South Asia’s connectivity and enhance food security at regional and global levels, particularly through FoodTech and AgriTech.
This partnership between DMCC and BSAF is a significant step towards the growth of the global agricultural commodities sector, specifically in the FoodTech and AgriTech field, and solidifying agri-trade ties between the UAE and South Asia.