Upbeat about its growth opportunities in the Indian market, the United Arab Emirates (UAE)-based Ducab Group announced on Thursday it has set up its India & South East Asia office in Bengaluru.
The cable maker said it is keen to take advantage of the opportunity of reduced taxes under the Comprehensive Economic Partnership Agreement (CEPA) signed by India and the UAE in 2022. Under the CEPA, the duties will come down to zero in five years, reducing 20 per cent each year. The pact is expected to boost non-oil trade between the two countries to USD 100 billion in five years from USD 60 billion currently, opening additional avenues of investment, it noted.
The UAE Minister of State for Foreign Trade, Dr. Thani Bin Ahmed Al Zeyoudi, was quoted as saying in a Group statement: “The CEPA signed in 2022 has further catalysed business relations between the two countries, enabling businesses to invest and expand their operations as well as drive cross-border trade and build new and constructive partnerships on a genuinely global scale.” Ducab Group said it commenced operations in India in 1988, when cables were supplied to Nhava Sheva Port. Over the years, Ducab has supplied over 1,428 km of power cables to the Indian market. Ducab has made trade transactions in India worth Rs 2,000 crore, the statement said.
Ducab Group CEO Mohammed Al Mutawa said the Ducab Group employs around 1,000 Indians. “This is an opportunity for us to explore new prospects in the Indian industry, as well as to benefit from the new advantages under the CEPA building on the existing achievements and close ties that bind Ducab to the Indian market.”
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