The 14th meeting of the India-UAE High Level Joint Task Force on Investments has taken steps for implementing initiatives aimed at increasing bilateral trade and investment between the two countries, reaching a shared goal of $200 billion by 2032.
During the meeting in Mumbai, the two sides reviewed progress on several investment projects, including a proposed $11.5-billion integrated Aluminium complex in Odisha and the Food Park project in Gujarat.
The Joint Task Force also welcomed Emirates NBD’s approximately $3-billion acquisition of a majority stake in RBL Bank of India and International Holding Company’s $1-billion investment in Sammaan Capital of India. The meeting explored opportunities for developing an aviation and logistics hub at Dholera in Gujarat.
The two sides agreed to take steps for the timely implementation of initiatives relating to settlement of trade in local currency, integration of payment and messaging systems, and central-bank digital currencies. They further reviewed the UAE-India Fast Track Mechanism for resolving investment-related issues and agreed to take steps for their timely resolution.
In addition, India has set a target of raising its total exports of goods and services to one trillion dollars this year, from 863 billion dollars last year. The Commerce and Industry Ministry stated that these issues are important as they have the potential to make bilateral trade and investment more efficient, accessible and resilient.
The areas where two-way investment flows can be enhanced include energy, industry, logistics, infrastructure, technology and artificial intelligence, space, food security, agricultural innovation and the startup ecosystem. The task force was set up in 2013 to promote trade, investment and economic ties and acts as a forum to resolve issues faced by investors of the two countries.
Addressing the media after the meeting, Commerce and Industry Minister Piyush Goyal said that bilateral trade between India and the UAE has doubled to around 100 billion dollars under the Comprehensive Economic Partnership Agreement. The two countries now aim to take bilateral trade to 200 billion dollars by 2032. The UAE has already invested around 25 billion dollars in India and has indicated plans to invest another 25 billion dollars soon, with a long-term investment target of 100 billion dollars.
Cooperation between the two countries is expanding across several sectors, including space technology, shipbuilding, food security, artificial intelligence, logistics, energy and fintech. Greater cooperation in food processing and exports would provide Indian farmers with assured markets while creating employment opportunities for youth and MSMEs.
The Minister also said India and the UAE are exploring cooperation in strategic petroleum reserves, LNG and LPG supplies, and possible subsea gas pipelines to strengthen energy security. In the maritime sector, cooperation will focus on modern ports, shipbuilding, ship repair and container manufacturing. A dedicated working group will be set up to take forward these initiatives.
Source:
Akashvani News
