New Delhi

As part of its ambition to displace China as the global supply chain hub, India is setting up a warehouse facility, named 'Bharat Mart', in the United Arab Emirates.

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Indian Prime Minister Narendra Modi and UAE Vice President Mohamed bin Rashid al Maktoum laid the foundation stone for the facility on Wednesday.

'Bharat Mart' is expected to be a platform for exporters to showcase their products under one roof, according to media reports. Once the concept is finalised, the facility is expected to be operational by 2025.

Moreover, 'Bharat Mart' is all set to rival China's warehousing facility called 'Dragon Mart'.

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The facility, covering an area of over 100,000 square meters, will be set up in Dubai's Jebel Ali free zone, which is managed by DP World. 

'Bharat Mart' will have retail showrooms, warehouses, offices, and other facilities. It will accommodate various categories of goods, ranging from heavy machinery to perishable items.

Reports also suggest there are also plans to establish a digital platform for buyers across the globe.

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'Bharat Mart' is likely to further strengthen bilateral trade by leveraging Jebel Ali Port’s strategic location and strength in logistics.

India-UAE trade has been on the rise since the Comprehensive Economic Partnership Agreement came into effect in 2022.  

In 2022-23, the first year of the agreement, bilateral trade reached a historic high of around $84.5 billion. 

Both countries are aiming to double their non-petroleum trade target to $100 billion by 2030.

The facility is also expected to play a key role in promoting the exports of India’s micro, small and medium sectors. It will provide them with a platform to reach international buyers in West Asia, Africa and Eurasia.