Under the patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, ICA Dubai 2011, one of the most important meetings for the international cotton community, opened today at the Ritz Carlton International Financial Centre in Dubai. The event, organised by the International Cotton Association (‘ICA’), the world’s leading international cotton trade association and arbitral body, is sponsored by the Dubai Cotton Centre, (‘DCC’), the cotton trade facilitation arm and a fully owned subsidiary of Dubai Multi Commodities Centre Authority (‘DMCC’).
In his keynote speech, Ahmed bin Sulayem, Executive Chairman of DMCC and Chairman of DCC said: “We are honoured to have Sheikh Ahmed as a patron of this event. Historically, Dubai has been an important stop in the international trade route. Through large investments in its logistics and transportation infrastructure as well as various initiatives to ease doing business within it, Dubai today has developed to be one of the leading gateways for international commodity markets.
“Being neither a producer nor a consumer, Dubai provides a fresh breath of neutrality to the cotton trade. DCC, created as a dedicated cotton trading platform, capitalizes on Dubai’s position to feed into the consuming markets as well as add value to the supply chain of the cotton trading community globally. We look forward to strengthening our existing business relationships and building on DCC’s successes to date.”
ICA Dubai 2011 is the second edition of this international meeting and follows the success of ICA Singapore 2010. Under the theme ‘Open to the World’, this year’s event brings together the biggest names in cotton to debate and discuss several key issues facing the industry including cotton production and latest technologies. The event also creates a networking and new trade opportunities platform.
Several international delegations attending the event will also take the opportunity to visit DCC’s offices in the Jumeirah Lakes Towers (‘JLT’) free zone.
Commenting on the event, Ray Butler, President of ICA, said: "I am delighted that so many cotton friends from around the world have travelled to Dubai, which is testimony to this city's location as an international gateway and business hub. The International Cotton Association's aim is to provide an opportunity for buyers and sellers to discuss matters of mutual interest in these turbulent times and to reinforce the concept of fair and impartial international trading rules for the benefit of all market participants."
Over 600 representatives from around the world are attending ICA Dubai 2011. Due to Dubai’s strategic location, this year’s event is seeing a strong presence from market participants in Bangladesh, Pakistan, India and China.
Since it was established in 2008, DCC has successfully re-exported over 50,000 MT of Uzbek cotton fibres with a CNF value of USD $100m, in addition to organic Indian cotton in March 2010. During the past 3 years, DCC has developed a wide range of value-added services and products aimed at encouraging cotton trade through Dubai, including; electronic bids and offers for cotton, real time fixation on spot inspected volumes, pre and post landing inspections and free storage for up to 30 days.