Dubai-based port operator DP World has signed a memorandum of understanding with the Indian government to develop a trade corridor between India and Africa providing multi-modal connectivity and market access to businesses from both sides.
The trade corridor called Bharat Africa Setu is a joint initiative of DP World and the Indian government. It was announced by DP World Chairman and group CEO Sultan Ahmed Bin Sulayem at an event in Mumbai on Tuesday.
Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Commerce Minister Piyush Goyal attended the event.
Sulayem said Indian exporters will get access to 53 countries in Africa where DP World has a strong logistics footprint.
Along with the India Africa trade corridor, DP World has also announced agreements with Cochin Shipyard for ship construction and repair. An MoU was also signed with Rites Ltd to explore projects globally.
