Daily Current Affairs 2020 New e-market platform launched to bridge gap between Indian farmers and UAE food industry | Daily Current Affairs 2020

New e-market platform launched to bridge gap between Indian farmers and UAE food industry

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Synopsis
The marketplace allows the farmers to bypass intermediaries, optimising the supply chain and ensuring traceability to create value for all stakeholders, officials said.

Dubai: The UAE has launched Agriota, a new technology-driven agri-commodity trading and sourcing e-market platform that will bridge the gap between millions of rural farmers in India and the Gulf nation’s food industry.

Under the initiative, launched earlier this week by the Dubai’s free-zone Dubai Multi Commodities Centre (DMCC) and the government of Dubai’s authority on commodities trade and enterprise, millions of Indian farmers will get an opportunity to connect directly with the entire food industry in the UAE, including food processing companies, traders and wholesalers through the Agriota-E Marketplace platform.

The marketplace allows the farmers to bypass intermediaries, optimising the supply chain and ensuring traceability to create value for all stakeholders, officials said.

The online marketplace also provides end-to-end traceability and transparency through last-mile verification and extension infrastructure in a blockchain environment.

Additionally, the introduction of a proprietary banking system with a multi-tier escrow structure, will guarantee secure transactions of funds when using the platform, they said.

Ahmed Bin Sulayem, the Executive Chairman and Chief Executive Officer of DMCC, said the platform takes this symbiotic relationship even further, benefitting the millions of farmers throughout India whilst simultaneously providing greater food security for the UAE.

“The UAE has a comprehensive plan in place to ensure food security and champion agribusiness trade facilitation, with the ultimate goal of positioning our nation as a world leading hub in innovation-driven food security.

The launch of an innovative model like Agriota will inch the UAE closer to the top of the Global Food Security Index,” he said.

According to officials, such aggregation has the potential to empower local communities, deliver better quality farm-to-shelf products and expand the UAE’s long-term food security.

Initially, the platform will offer cereals, pulses, oil seeds, fruits, vegetables, spices and condiments.

The launch ceremony, which was also attended by Pavan Kapoor, Ambassador of India to the UAE, comes following the India-UAE Virtual Buyer Seller Meet titled “Forge a New Path in COVID-19” organised on August 20.

In 2019, India exported more than USD 38 billion of agricultural and processed food products, with one of their largest markets being the Middle East.

Source: Economic Times

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