In an attempt to improve food imports from India, the Dubai Multi Commodities Center (DMCC) Free Zone has launched an agricultural trading platform to link farmers in India with food companies in the UAE.
Agriota is a technology-driven trading and procurement platform for agri-commodities that uses blockchain and cuts out middlemen.
The online marketplace delivers end-to-end traceability and transparency through the last-mile verification and extension infrastructure. Additional measures put in place for using the platform also ensure safe transactions of the funds.
The free zone added that, “this form of aggregation has the ability to empower local communities and offer higher quality farm-to-shelf products.”
The platform enables trade in pulses, cereals, oil seeds, vegetables, fruits, condiments and spices by directly connecting farmers with UAE firms.
Agriota was developed jointly with India’s CropData Technology.
According to the UAE Ministry for Food Security, the UAE, is looking to improve local food production by 40 percent. Currently, it imports 90 percent of its food because of its arid climate
“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.”
In the wake of the pandemic which disrupted global supply chains, the country has also invested heavily in agri-tech businesses.
Along with being a step towards improving food security in the UAE, this latest initiative builds on DMCC’s comprehensive strategy to attract innovative firms to Dubai and contribute to the broader economic diversification plan for the country.
Earlier this year, DMCC signed an agreement with Crypto Valley — an initiative funded by the Swiss government to bring the world’s leading blockchain and cryptographic technology ecosystem to Dubai — and Innoway — one of China’s most productive global incubators and ecosystems for science, technology and education.