Bharat Mart: All about India's mega project in UAE
What's the story
India is planning to establish its own warehousing facility Bharat Mart in the United Arab Emirates (UAE).
Prime Minister Narendra Modi on Wednesday laid the foundation stone for the project during his official visit to the UAE.
The warehouse, which is expected to be operational by next year, aims to outpace China as a global supply chain leader.
Reportedly, the facility, in Dubai, will provide a unified platform for exporters to showcase their diverse range of products under one roof.
Bharat Mart
Bharat Mart set to rival China's Dragon Mart in Dubai
The "Bharat Mart" is India's response to China's "Dragon Mart."
Spanning over 100,000 square meters, it will be located in Dubai's Jebel Ali free zone and managed by the firm, DP World.
The mart will feature retail showrooms, warehouses, offices, and other facilities, catering to a diverse range of products including heavy machinery and perishable items.
A digital platform for global buyers is also in the pipeline, according to reports.
Twitter Post
Watch: PM lays foundation stone for Bharat Mart
Earlier today, @HHShkMohd and I laid the foundation stone for Bharat Mart in Jebel Ali. This will boost India-UAE economic linkages and will particularly help our MSMEs to explore global markets. pic.twitter.com/4YZyAkBAJp
— Narendra Modi (@narendramodi) February 14, 2024
Bilateral Ties
Facility to bolster India-UAE ties
The global supply chain hub—Bharat Mart—will potentially bolster the India-UAE trade relations by capitalizing on Jebel Ali Port's strategic location and logistics capabilities.
With the opening of the facility, Indian traders will get a platform to connect with international buyers in West Asia, Africa, and Eurasia, reports said.
Notably, trade between India and the UAE reached a record high of around US$84.5 billion in 2022-23, following the Comprehensive Economic Partnership Agreement in 2022.
Foreign visit
PM Modi's visit to the UAE
PM Modi's recent visit to the UAE was his third to the country in the last eight months.
It was also the fifth meeting between the two heads of the countries in the same time period.
During his ongoing visit, PM Modi took Indo-Emirati relations a step further by launching the JAYWAN card, which is based on India's digital RuPay credit and debit cards.
He also inaugurated the Bochasanwasi Akshar Purushottam Swaminarayan Sanstha (BAPS) temple in Abu Dhabi.