(MENAFN- Live Mint)
The United Arab Emirates's investment in India is likely to reach $100 billion across sectors, Union commerce and industry Minister Piyush Goyal said at the 12th meeting of the India-UAE high-level task force on investments.
The meeting was co-chaired by Goyal and sheikh Hamed bin Zayed al Nahyan, managing director of Abu Dhabi Investment Authority.
The UAE had in 2018 committed to invest up to $75 billion in India. Goyal said the West Asian country's investment in India is poised to reach $100 billion, but did not specify a timeline.
“The $75 billion planned investment from UAE to India will fructify to $100 billion in investments across infrastructure, manufacturing, markets and other forms of investment,” Goyal said.
The task force was established in 2013 to promote trade, investment and economic ties between the UAE and India.
India-UAE trade reached $85 billion in 2022-23, making UAE India's third-largest trade partner after China and the US. The UAE is also the second-largest export destination for India, amounting to nearly $31.61 billion in 2022-23.
India is currently in a $12 billion trade deficit with the UAE, down from $21 billion last year.
Earlier this year, Prime Minister Narendra Modi visited the UAE for the seventh time and met the country's president, Sheikh Mohamed bin Zayed al Nahyan, and signed several agreements in the fields of energy, finance, digital infrastructure, investments, archive management, and regional connectivity.
Goyal on Monday also announced that India and the UAE would set up a food corridor, investing over $2 billion in 2-2.5 years, which will help Indian farmers earn higher income and create more jobs. The discussions also entailed plans to set up food parks in India.
“It has been under discussion for a very long time that the UAE would like to invest in setting up food processing facilities in India to enable the availability of high-quality products suitable to the UAE,” Goyal said.
In a related development, India's Press Information Bureau said the India Pavilion at Expo City in Dubai will host the first overseas campus of the Indian Institute of Foreign Trade.
IIFT is expected to open its new premises in early 2025 with short and medium-term training programmes, and eventually launch its flagship programme, MBA (International Business), PIB said in a statement.
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