On February 15th 2024, Prime Minister Narendra Modi, accompanied by Sheikh Mohamed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai, laid the foundation stone for the establishment of ‘Bharat Mart’ within the prominent Jebel Ali Free Trade Zone.
Bharat Mart is a joint initiative of DP World, a Dubai-based multinational that specialises in logistics, port terminal operations and maritime services, and India’s commerce ministry that is aimed at boosting exports by Indian small and medium-sized enterprises.
About Bharat Mart
Hybrid Indian Marketplace
Bharat Mart is envisioned as a hybrid wholesale and retail marketplace offering Indian manufacturers, traders and exporters enhanced access to international markets for their products and services.
Strategic Dubai Location
Located strategically within the high-profile Jebel Ali Port and Free Trade Zone known for excellent logistics connectivity, Bharat Mart would become a dedicated global business-to-business sourcing hub for Indian goods.
Target Export Markets
The marketplace aims to bolster exports to West Asia, Africa and Eurasian markets by leveraging UAE’s positioning as a leading Middle East trans-shipment centre and established trading ties with these regional economies.
Product Range
Thousands of Indian micro, small and medium enterprises spanning agriculture, textiles, gems & jewellery etc. stand to gain by showcasing their unique products at Bharat Mart across allocated exhibition complexes and warehousing facilities.
Developed by DP World
Dubai-based multinational logistics leader DP World would construct, operate and maintain the Bharat Mart marketplace as part of $3 billion UAE investment in India’s logistics and infrastructure.
The Bharat Mart facility in Dubai, which has been compared to China’s Dragon Mart, is expected to be operational by 2025.
Strategic Bilateral Cooperation
Boost to CEPA
The launch of Bharat Mart platform furthers the vision of the pathbreaking Comprehensive Economic Partnership Agreement (CEPA) signed between India and UAE in 2022 by paving way for greater two-way trade.
Building on Recent Pacts
It adds momentum to the bilateral investment treaty also inked during PM Modi’s 2024 visit to UAE for protecting investor rights and the RuPay-JAYWAN interlinking for digital payments enablement.
Discussions on Wide Ranging Areas
Prime Minister Modi and Dubai Ruler Sheikh Mohamed bin Rashid also held extensive talks encompassing cooperation in sectors like trade, space, education, culture and technology while emphasizing recent progress.
Inviting UAE Investments
PM Modi highlighted India’s economic opportunities to invite increased UAE investments in infrastructure and growth sectors while emphasizing the milestone groundbreaking for Bharat Mart bound to transform trading links.