UAE signals $25 billion investment in India; targets ports, energy and space
The United Arab Emirates has signalled its intent to invest an additional $25 billion in India in the near future, Union Commerce and Industry Minister Piyush Goyal announced on Monday following high-level talks. The investment comes as the two countries agreed to deepen cooperation across ports, shipbuilding, energy security, space technology and financial services. Speaking after co-chairing the 14th India-UAE High-Level Joint Task Force on Investments with Abu Dhabi Investment Authority Managing Director Sheikh Hamed bin Zayed Al Nahyan, Mr. Goyal emphasised the UAE's confidence in India's economy.
The UAE has already invested around $25 billion in India and is the seventh-largest source of foreign direct investment, making it one of India's largest sources of FDI. The country has a longer-term objective of taking its investments in India to $100 billion. Discussions at the task force meeting covered investments, trade facilitation, taxation, logistics, energy, market access and financial cooperation, including the use of local currencies for bilateral trade. The mechanism is also being used to address problems faced by investors from both countries and issues relating to the implementation of the India-UAE Comprehensive Economic Partnership Agreement.
India and the UAE have set a target of doubling bilateral trade to $200 billion by 2032, a target agreed by the two countries earlier this year, following trade reaching around $100 billion.
