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DMCC-Uzprommashimpeks MoU to set up cotton trade corridor

25
Mar '08
As a significant trade partnership between Uzbekistan and Dubai, this MoU will facilitate Uzbek cotton in gaining access to new markets in Asia.

The partnership also underlines DMCC's efforts in creating industry-specific infrastructure for facilitating physical trade in a wide range of soft commodities, including cotton.

The Dubai-based, special purpose, DMCC-owned trading entity will offer online quotes and provide easy access to Uzbek cotton with convenient shipments to consumers in the sub-continent, China and other Asian countries.

In addition, DMCC will facilitate trade finance for cotton inventory purchased by traders and stored in Dubai through its indigenously developed Global Multi Commodities Receipt.

Dr. David Rutledge, Chief Executive Officer, DMCC said: “Dubai has established itself as an important global hub for commodities. DMCC's efforts in the precious commodities sector have been fruitful, and we hope to replicate this success in the soft commodities sector as well.

After the success of Dubai Tea Trading Centre, we are now proposing a Cotton distribution hub, with the objective of establishing Dubai as an important global centre for cotton trade.”

He added: “Uzbekistan is a leading producer of cotton and is keen to explore the market opportunities in the emerging Asian markets.

Dubai, with its strategic location between Central and Eastern Asia, along with its excellent infrastructureand port facilities, is well placed to provide a trade corridor for Cotton from Central Asia.”

Dubai Multi Commodities Centre


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