GIFT City reaches Dubai drumming for global investments
For the first time, it is wooing such a large gathering at an international forum – DubaiExpo2020 – next week where representatives from more than 190 countries will participate.
Two dedicated panel discussions will detail business opportunities in the GIFT City.
GIFT City managing director Tapan Ray will deliver a keynote address followed by business panel discussions on GIFT City investment opportunities.
“Post the pandemic we are witnessing a traction, never seen before in the number of entities starting their operations in GIFT IFSC,” said Ray. “India’s first international bullion exchange would provide immense opportunity to foreign investors. We are reaching out to the global audience for the same in-particular, and for the whole gamut of activities at GIFT City in general.”
“Considering the new business opportunities at GIFT IFSC, we are connecting with the large global audience through this international platform at Dubai,” Ray said.
Dubai is a traditional international hub for bullion and diamond merchants. The authorities decided to descend on the city celebrating a business carnival where the government of India is playing an active role. Piyush Goel, minister of commerce and industry, Friday inaugurated the Indian pavilion.
The bullion exchange is expected to kickstart in the near future as the infrastructure is now in place. Local traders are also eyeing tax incentives through participation here. India is the largest consumer of gold in the world.
In the Union Budget 2020, the finance minister announced such a proposal to launch a bullion exchange from GIFT City.
Global investors from South East Asia, Middle East, Europe and the US are likely to be a part of the audience.
“As GIFT City’s first operational hedge fund, True Beacon has seen competitive advantage the special economic zone brings – not just to the company, but also our global investors,” said Richard Pattle Co-Founder and CEO True Beacon, which will take part in discussions in Dubai. “GIFT City has rapidly emerged as the destination of choice for international investors into India.”
The number of entities at GIFT City SEZ rose to 280 this year from 140 in 2019 with banking transactions exceeding $110 billion in value by August. The authorities are likely to approve the applications cited above, taking the count to 285, said people aware of the matter.
There has been a 70% rise in the number of entities setting up operations in GIFT City SEZ in the past year.
India International Bullion Exchange, Aditya Birla Sun Life AMC, Grant Thornton and Mumbai-based Abans Investment are the latest entities applying for licences to operate from Gujarat’s GIFT City, ET reported on September 29.