This announcement came after the 12th meeting of the India-UAE High Level Joint Task Force on Investments, co-chaired by India’s Commerce and Industry Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).
The discussions centred around the ongoing progress of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), with particular focus on the development of a virtual trade corridor and a dedicated food corridor.
These initiatives aim to bolster trade and investment ties between the two nations, with the UAE ramping up investments in core infrastructure, artificial intelligence, data centres, and renewable energy in India.
Minister Goyal also revealed that Invest India is in the process of opening an office in the UAE, facilitated by the West Asian country offering a location free of charge. This office will host the National Industrial Corridor Development Corporation (NICDC) and the Export Credit Guarantee Corporation (ECGC) to strengthen bilateral trade cooperation. In a reciprocal move, the UAE will open a similar office in New Delhi, co-located with Invest India.
Currently, the UAE has $20 billion invested directly in India, with additional investments coming through sovereign wealth funds. Goyal highlighted a significant reduction in India’s trade deficit with the UAE, which has fallen from $22 billion to $12 billion, reflecting the growth of Indian exports to the region. He also noted the rising Indian population in the UAE, which has increased from 22 lakhs to 35 lakhs over the past decade.
While trade and investment discussions have flourished, Goyal pointed out that the issue of the number of Indians working in the UAE has not yet been a formal topic of discussion in trade talks between the two countries. Nevertheless, the growing collaboration between India and the UAE signals a promising future for both nations.
(Edited by : Sheersh Kapoor)