Ducab Group, an end-to-end solutions provider and manufacturing firm based in the United Arab Emirates, has set up its first India and South East Asia office in Bengaluru. The latest development is part of the company’s plans to expand its presence in India, it said in a press conference.
Ducab Group commenced operations in India in 1988 with the supply of cables to Nhava Sheva Port (Mumbai Port). Currently, it is working on several projects in India and claims to serve more than 100 clients and provide 263,000 metric tons of Cu-eq (copper equivalent), equivalent to powering 3 million houses.
Trade transactions
“We aim to double the trade transactions with India in the next 2 years from the current ₹2,000 crore,” according to Mohammad Almutawa, CEO, Ducab.
Thani Bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, UAE, said: “The new office by Ducab Group, builds on the strong bilateral trade and business ties between the UAE and India. The two countries share common interests and have strong resources and capabilities to develop industrial manufacturing.”
Business relations
“The signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2022 has catalysed business relations between the two countries, allowing businesses to invest, expand, and their operations drive cross-border trade and build new and constructive global partnerships. This is also in line with one of the five top government priorities the UAE has outlined for 2023, namely expanding the UAE’s international economic partnerships,” he added.
Moreover, the group said there are advantages such as the reduced taxes under the CEPA, which will help in the elimination of duties in five years with a 20 per cent reduction each year. The pact is expected to boost non-oil trade between the two countries to $100 billion in five years from $60 billion currently, opening additional avenues for investment.
“This setup in Bengaluru is another example of the significant commercial and international co-operation between the two countries. Additionally, it is an extension of the company’s ambitions and strategies, which are currently expanding its business in 55 markets around the world, where it exports 60 per cent of its products. In addition, the group employs around 1,000 Indians,” said Almutawa.
The group also noted that as they continue to expand their business in India, they are also in the process of hiring more people in the country across different job profiles, such as in tech, procurement, sales, operations, and more.