RITES Limited and DP World have signed a strategic MoU to explore joint opportunities in logistics and infrastructure development. The partnership aims to strengthen trade corridors between India and the UAE through integrated projects, including ports, multimodal parks, and rail connectivity, boosting cross-border logistics efficiency via the Virtual Trade Corridor.
High-Level Signing Ceremony:
The MoU was signed during the ‘CEO-Connect: Dubai-India Economic Ties & Opportunities’ event in Mumbai. The event witnessed the presence of prominent leaders including Mr. Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE; Mr. Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India; Mr. Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, and Mr. Rahul Mithal, Chairman & Managing Director of RITES Limited.
Strengthening India-UAE Economic Ties:
This collaboration signifies a major step in reinforcing trade and logistics ties between India and the UAE, aligning with broader economic and diplomatic engagement between the two nations.
Virtual Trade Corridor (VTC) Initiative:
A key component of the partnership is the Virtual Trade Corridor (VTC), launched in September 2024. Developed with support from RITES and the MAITRI platform, the VTC aims to digitally streamline logistics, customs, and regulatory processes.
Progress and Implementation:
- Strategic workshops in India and the UAE have advanced the development of the VTC proof of concept.
- Initial integration will involve ports like Nhava Sheva, Deendayal, and Jebel Ali, establishing a digitally enabled trade route.
Insights:
Mr. Rahul Mithal, Chairman and Managing Director, RITES Limited, said, “It is an alliance of like-minded entities, bringing together experience, expertise, and a rich legacy. By leveraging our collective strengths and resources, we are poised to create transformative synergies across key infrastructure projects, furthering our initiative to expand the footprints of ‘RITES Videsh’.”
Mr. Sultan Ahmed bin Sulayem, Group Chairman & CEO, DP World, said, “This partnership with RITES Limited marks a significant milestone in our journey towards enhancing trade and infrastructure development between India and the UAE. By leveraging the power of public-private collaboration and our combined expertise, we will bring innovation and efficiency to trade corridor development creating diversified trade routes that build resilience and unlock opportunities for everyone.”
Conclusion:
The RITES–DP World partnership signals a transformative step towards building a digitally integrated logistics ecosystem. With a focus on trade facilitation and infrastructure growth, this initiative will drive seamless supply chain connectivity between India and the UAE, positioning both countries as global leaders in smart logistics infrastructure.
Source: RITES – Press Release | Image Credit: RITES
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