India is poised to attract $100 billion in investments from the United Arab Emirates in the coming years, according to Commerce and Industry Minister Piyush Goyal, speaking on October 7.
After the 12th meeting of the India-UAE High-Level Task Force on Investment in Mumbai, Goyal highlighted that sectors such as data centers, artificial intelligence, renewable energy, and transmission infrastructure are expected to draw significant investment from the Middle Eastern nation. “These initiatives will lead to $100 billion in manufacturing and other forms of investments,” Goyal noted.
Currently, direct equity investments from the UAE are just under $20 billion, with nearly $3 billion invested in the last fiscal year alone. The annual investment from the UAE, which is India's seventh-largest investor, has tripled over the past five years.
Goyal stressed that the progress made between the two countries following the Comprehensive Economic Partnership Agreement (CEPA) and noted that both nations are exploring additional avenues for collaboration.
“The UAE has offered to provide free-of-cost locations to promote investment, trade, technology, and, at a later stage, tourism between the UAE and India. Invest India, NICDC, and two other agencies will participate in this office, while the UAE will establish a similar office in India, co-located with Invest India,” the minister explained.
Additionally, Goyal mentioned the Indian Institute of Foreign Trade's plans to open a campus in Dubai and underscored the collaboration between India's Unified Payments Interface (UPI) and the UAE's AANI.
He also shared that plans for BharatMart are ready, with groundbreaking set to commence soon, and completion expected by 2026.
Despite ongoing global conflicts, Goyal expressed confidence in the resilience of India-UAE relations. “With two wars ongoing and the Red Sea crisis unresolved, there is a potential for wider conflict, which could impact trade and business confidence,” he cautioned.
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