On August 29, 2020, the United Arab Emirates (UAE) launched Agriota, a new technology-driven agri-commodity trading and sourcing e-market platform during a launch ceremony, which was also attended by Pavan Kapoor, Ambassador of India to the UAE. The market platform aims to bridge the gap between millions of rural farmers in India and the Gulf nation’s food industry.This launch followed the India-UAE Virtual Buyer Seller Meet titled “Forge a New Path in COVID-19” organised on August 20.
- It has been launched by Dubai’s free-zone Dubai Multi Commodities Centre (DMCC) and the government of Dubai’s authority on commodities trade and enterprise.
- This initiative will enable Indian farmers to connect directly, bypassing intermediaries, with the entire food industry in the UAE, including food processing companies, traders and wholesalers.
Key Points:
-In 2019, India exported more than USD 38 billion of agricultural and processed food products in Middle East.
-This platform guarantees secure transactions of funds through proprietary banking system with a multi-tier escrow structure and ensure traceability to create value for all stakeholders.
-This launch will also enable UAE to make a step closer to the top of the Global Food Security Index.
-Initially, the platform will offer cereals, pulses, oil seeds, fruits, vegetables, spices and condiments.
Recent Related News:
On June 18, 2020 Reliance Industries Limited (RIL)’s Jio Platforms stepped into 11th deal with Saudi Arabia’s Public Investment Fund (PIF), who bought 2.32% stake in Jio Platforms for Rs 11,367 crores. With this investment, Jio Platforms has raised Rs 115,693.95 crores(1.15 lakh crores) from leading global investors since April 22, which is the largest continuous fund raised by a company in the world.
About United Arab Emirates (UAE):
Capital– Abu Dhabi
Currency– UAE Dirham
President– Sheikh Khalifa bin Zayed Al Nahyan
