For the first time, it is attracting such a large gathering next week at an international forum – DubaiExpo2020 – where delegates from over 190 countries will participate.
Two dedicated panel discussions will expand business opportunities in GIFT City.
Gift City Managing Director Tapan Ray will deliver the keynote address followed by a business panel discussion on investment opportunities in GIFT City.
“Post-pandemic we are seeing a traction that has never been seen before in the number of entities starting their operations at GIFT IFSC,” Ray said. “India’s first international bullion exchange will provide immense opportunities to foreign investors. We are reaching out to a global audience in particular, and a full range of activities in GIFT City in general.”
Ray said, “Keeping in mind the new business opportunities at GIFT IFSC, we are connecting with a large global audience through this international platform in Dubai.”
Dubai is a traditional international hub for bullion and diamond traders. The officials decided to descend on the city celebrating a business carnival where the Indian government is playing an active role. Commerce and Industry Minister Piyush Goyal inaugurated the Indian Pavilion on Friday.
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 start a bullion exchange from GIFT City.
Global investors from South East Asia, Middle East, Europe and America can be part of the audience.
“As Gift City’s first operational hedge fund, True Beacon has seen a competitive advantage in exclusive economic zones – not only for the company, but for our global investors as well,” said Richard Petal Co-Founder and CEO, True Beacon, who will participate in it. Discussion in Dubai “Gift City has rapidly emerged as the destination of choice for international investors in India.”
The number of entities in GIFT City SEZ increased from 140 in 2019 to 280 this year, with banking transactions exceeding $110 billion as of August. People with knowledge of the matter said that the authorities are likely to clear the applications mentioned above, taking the count to 285.
There has been a 70% increase in the number of entities setting up operations in GIFT City SEZ in the last one year.
India International Bullion Exchange, Aditya Birla Sun Life AMC, Grant Thornton and Mumbai-based Abance Investments are the latest entities to apply for licenses to operate from GIFT City in Gujarat, ET reported on September 29.