DUBAI: Dubai Chamber of Commerce and Industry announced that it has signed a Memorandum of Understanding, MoU, with DP World - UAE Region, to collaborate on the Digital Silk Road, a Dubai 10X initiative that is expected to be launched by 2020.

The Digital Silk Road is a smart digital platform which utilises blockchain technology to increase the transparency and efficiency of supply chains through a comprehensive automation process.

The platform aims to reshape the global trading system and eliminate trade barriers such as high costs, lack of transparency, diversification of legislation and lack of security in business transactions.

The MoU was recently signed by Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry, and Mohammad Al Muallem, CEO and Managing Director of DP World - UAE Region, in the presence of officials and directors from both organisations.

Commenting on the announcement, Buamim said that the Digital Silk Road aims to transform the way Dubai trades with the world and noted that the digital platform will offer several competitive advantages and benefits to companies in Dubai, including lower trade costs, faster delivery of goods, seamless trade processes and enhanced security and transparency.

“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. 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.

Al Muallem, in turn, stated: “Dubai 10X aims to leverage Dubai’s strategic geographic location and its region-leading logistics infrastructure to position the city as a global hub of innovation and setting the bar for cities across the world.”

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.

Dubai Customs will serve as a key partner for the project and support the development of the platform’s integrated system for trade procedures. Once operational, the platform will enable users to track trade transactions, reduce transaction time and enable digital authentication in an encrypted and secure manner.