Dubai DMCC reaches Coffee and Gold Cooperation with China
21st Century: What led to this collaboration? What are the similarities and differences with the previous cooperation in Ningxia?
Gautam Sahita: DMCC is always looking for more commodity trading opportunities, looking for new markets, hoping to make the global supply chain more efficient, especially cost-effective. For example, DMCC's Tea Trade Center was established in 2007. There was no similar center in Dubai before. At present, tea industry trade transactions involve more than 20 countries, with an annual transaction volume of 40 million kilograms, becoming the world's largest tea trade center, accounting for 60% of the market share.
We are always looking for similar new markets and opportunities. These include memorandums of understanding signed with Ningxia Zhongwei People's Government and China Baiyin Group, as well as coffee bean trade signed with Yunnan Agricultural Reclamation and Hong Kong Dajia International Group. The coffee output of Yunnan Province accounts for 90% of the coffee output of the whole China. According to the agreement, up to 130,000 tons of coffee beans will be exported from Yunnan Agricultural Reclamation Group to Dubai every year, and an international trading platform and storage platform will be provided through the development of coffee trade center.
The signing with the Shanghai Gold Exchange is based on previous cooperation, and I am a member of the International Advisory Committee of the Shanghai Gold Exchange. Through this signing,"China Gold" will be listed overseas for the first time. DMCC will be the first international exchange to use Shanghai Gold to develop derivatives.
"21st Century": What is the expected trade volume of this contract?
Gautam Sahita: The exact trade quota may not be seen until two or three years later. The nature of the MOU is to lay the foundation for leveraging more cooperation in the future. Through the memorandum to build a framework, the two sides will talk about the trade content involved and specific products, companies and so on.
21st Century: Does DMCC have any special preferential policies for Chinese enterprises?
Gautam Sahita: At present, industrial clusters have been formed according to different industries in DMCC Park. With more Chinese enterprises joining, Chinese enterprises will also form their own clusters. We hope to establish initial contacts by signing a memorandum of understanding and attract more Chinese enterprises to join through DMCC platform. As for whether there will be more preferential policies for Chinese enterprises in the future, there is still a process.
"21st Century": How to treat more and more Chinese-funded enterprises going to sea at present?
Gautam Sahita: The future of global trade will be digital, and 350 million merchants will begin exporting products and services through digital commerce, adding $29 trillion to the global economy over the next decade. China is a very important player. China's various sovereign wealth funds have foreign exchange reserves estimated at $4 trillion and are loaded with cash. Despite slowing GDP growth, overseas investment has grown eightfold over the past decade.
The Chinese government has proposed the Belt and Road Initiative to restart ancient commercial trade routes with the West. Dubai's unique geographical location echoes this policy, which is also in line with our focus on the Chinese market. 80%-90% of global trade is small and medium-sized enterprises. We hope that while attracting bulk commodities, we welcome Chinese small and medium-sized enterprises to invest and settle down, so as to facilitate their expansion of international business.
"21st Century": United Arab Emirates has a lot of experience in developing free trade zones. What successful experience does DMCC have that China can learn from in developing free trade zones?
Gautam Sahita: First, DMCC has invested heavily in technological transformation and optimization in recent years, including registration process, where you can register companies with laptops in China; Second, in terms of management reputation, compliance and wisdom in enterprise supervision and governance; Third, successful snowball mechanism, one of which succeeds, will attract more enterprises to join, resulting in more and more success cases.
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