DMCC hosts first roadshow in Kolkata

Dubai Multi Commodities Centre (DMCC), one of the free zones of the United Arab Emirates, today held a roadshow in the city to woo companies from the eastern region to invest in the Gulf state.
"This is the first time we are hosting a roadshow in Kolkata to promote DMCC in this region and also the corridor between Middle East and Eastern India programme," DMCC CEO Gautam Sashittal said here today.
DMCC officials said they came to India as part of organising international roadshows to promote the free zone.
This will enable DMCC members to connect with business interests in Kolkata, tapping its geopoplitical area of more than 500 million people, DMCC officials said.

Out of some 13,700 companies operating in the free zone, there are about 2,500 companies from India but there aren't many from the east. Leading bulk tea producer, McLeod Russel, is associated with the tea centre in the free zone.
Sashittal said, despite the Gulf region facing economic pressure, the free zone continued to grow and a number of companies have registered with the DMCC.

Moreover, the proposed Value Added Tax of five per cent in UAE is unlikely to deter the investment sentiment of companies setting up base in the region, he said.
He said India-UAE trade, which jumped from USD 180 million in 1970s to USD 50 billion now, is expected to double in the next 3-4 years.

By adding more land to its area, DMCC is now promoting 'Uptown Dubai' to meet future growth although the existing free zone is yet to be filled up, Sashittal said.