Unlocking Trade Potential: DP World Introduces Bharat Africa Setu for Accelerated Growth

DP World has introduced the Bharat Africa Setu, a new initiative designed to help Indian businesses connect with African markets. This program aims to enhance warehousing, trade financing, and distribution networks, promoting cooperation and growth between the two regions.

The initiative is being developed in partnership with India’s Ministry of Commerce and Industry and the Ministry of External Affairs. It will link India and Africa through seamless sea and air transport between the ports and logistics centers that DP World runs in both areas. The Bharat Africa Setu will grant Indian exporters access to 53 African countries, where DP World has established a strong logistics presence, reaching over 260,000 points of sale.

Sultan Ahmed bin Sulayem, the Group Chairman and CEO of DP World, launched this initiative at the Dubai-India Business Forum in Mumbai, along with Piyush Goyal, India’s Minister of Commerce and Industry. Goyal highlighted that Africa imports around $430 billion worth of goods annually, creating significant market opportunities. Currently, Indian exports to Africa total $28 billion, which is just 6.5% of the continent’s imports. There’s potential for India to increase its share to 12% by 2030, tapping into a growing trade landscape.

Goyal emphasized the importance of improved connectivity and reduced trade barriers to help Indian businesses thrive in Africa’s vibrant markets. He believes that the Bharat Africa Setu is a crucial step towards developing a modern trade corridor that will benefit both regions economically.

Bin Sulayem echoed these thoughts, stating that Africa has the potential to emerge as a major global economic player. He sees this partnership with India as an opportunity to boost trade efficiency and access to African markets for Indian exporters.

DP World’s extensive operations in Africa include 10 ports, three economic zones, and 203 warehouses covering over 1.5 million square meters. This infrastructure plays a crucial role in supporting the Bharat Africa Setu initiative.

Recent trends in global trade indicate that countries are increasingly looking toward alternative markets. A report from the World Trade Organization shows that Africa is becoming a more significant player in international trade, driven by rising consumer demand and a youthful population. This changing landscape suggests a ripe opportunity for Indian exporters to expand their reach and capitalize on this growing market.

By fostering stronger trade ties between India and Africa, the Bharat Africa Setu not only promises economic benefits but also strengthens diplomatic relations, paving the way for a more interconnected global market.

For more in-depth information about global trade patterns and the role of emerging markets like Africa, you can refer to the World Trade Organization.

Source link

DP World, Bharat Africa Setu, Africa, India, Sultan Ahmed bin Sulayem, Piyush Goyal