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International tea traders welcome DTTC creation
DUBAI - The international tea trading community which consists of leading tea producing countries and tea traders have welcomed the creation of the Dubai Tea Trading Centre (DTTC), a platform for international trading of tea.
Tea Board of India Chairman, N K Das, said: "The Indian tea industry has for some time been actively considering ways of enhancing its access to the growing Middle East market, and have been particularly interested in the role that Dubai might play. We applaud the DMCC for their initiative in creating the DTTC, and look forward to working with them."
DMCC plans to work in close contact with leading tea producers such as India, Sri Lanka and Kenya and is confident of their support. Last year India produced a total of 857 million kilogrammes of tea while Sri Lanka produced 303 million kilogrammes of tea. Jayanatha Fernando, Chairman of the Ferntea Group, a Sri Lankan tea exporter with extensive experience in the Middle East, said, the DTTC has the potential to facilitate the process of linking together exporters and regional importers. It is certainly of interest to us.
In 2003 Dubai imported 74 million kilograms of tea with an approximate market value of Dh900 million, while a further 71 million kilograms was transshipped through the Jebel Ali Port.
In addition to creating bulk stocks in Dubai for trading purposes, the initiative also has plans to start tea blending. While the stocks will be held in purpose built stores, the warehousing part will be managed by a specialised company competent to certify the quality of the stock.
Through the creation of DMCC's industry specific initiatives, such as the soon to be launched Dubai Commodity Receipt (DCR), the value and volume of tea traded in and through Dubai is expected to increase significantly.
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