Dubai Chamber and DP World launch Digital Silk Road initiative
The Dubai Chamber of Commerce and Industry has partnered with DP World UAE Region to collaborate on the Digital Silk Road, a Dubai 10X initiative which is expected to be launched by 2020, reportes Tahawul Tech.
The smart digital platform Digital Silk Road uses blockchain technology to increase the transparency and efficiency of supply chains through a comprehensive automation process in an attempt to reshape the global trading system and eliminate trade barriers.
According to DP World and Dubai Chamber, these trade barriers include high costs, lack of transparency, diversification of legislation and lack of security in business transactions.
The MoU was signed by Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, and Mohammed Al Muallem, CEO and managing director, DP World – UAE Region in the presence of officials and directors from both organisations.
“Investing in smart services and solutions is a top priority for Dubai Chamber, and we look forward to working with our partners to develop a game-changing digital platform that will drastically improve and simplify trade processes and procedures,” said Buamim.
“The project falls in line with our efforts to support the objectives of the Dubai Plan 2021, while it also complements our current initiatives that aim to reduce business costs and enhance economic competitiveness,” he added.
Under the terms of the agreement, Dubai Chamber and DP World will form a joint team which will be tasked with implementing the project.
Other objectives of the MoU include: facilitating global trade, positioning Dubai as one of the best countries in the world for ease of doing business, and setting procedures and plans to ensure a favourable business environment in the emirate.