Hon. Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Government of India, Mr. Piyush Goyal visited the UAE in October 2023. This was his third visit to the UAE as Minister of Commerce and Industry in the last 2 years, highlighting the importance that India attaches to its economic and commercial partnership with the UAE.
The Hon'ble Minister co-chaired the 11th meeting of the India-UAE Highlevel Task Force on Investments (HLTFI) with H.H. Sheikh Hamed bin Zayed Al Nahyan, the Managing Director of Abu Dhabi Investment Authority (ADIA). The Task Force was established in 2013 to promote trade, investment and economic ties between India and the UAE. Foreign Direct Investments from the UAE into India have witnessed a surge since 2014 and the UAE has risen to the fourth position in terms of inward investments into India. Similarly, a large number of Indian companies have also increased their investments and presence in the UAE, which serves as a hub for the Middle East and Africa.
As part of the HLTFI discussions, the two leaders reviewed the existing bilateral investments by companies from both countries investing into the UAE and India and also explored bilateral investments in a number of key sectors with the potential for future joint trade and investment cooperation. These included infrastructure, energy, food security, green hydrogen and renewable energy, semi-conductors, healthcare and startups. New initiatives like the India-UAE Start-Up Bridge and Abu Dhabi – India Virtual Trade Corridor were also considered. The positive discussions during the HLTFI meeting are expected to provide greater impetus to the already growing investment flows from the UAE into India, especially by the UAE’s sovereign investment entities.
The Hon'ble Minister also held productive discussions with the UAE’s Minister of State for Foreign Trade, H.E. Dr. Thani bin Ahmed Al Zeoudi, where both Ministers reviewed the progress made on the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India. The CEPA was a landmark achievement that was designed to spark a new era of cooperation between two nations with long-standing cultural, political and economic ties. Since the entry into force of CEPA in May 2022, bilateral trade has witnessed a spurt and has registered a growth of around 20% in the last one year. The two Ministers co-chaired a roundtable hosted by the Abu Dhabi Chamber with top Business Leaders from both countries, who are expected to play a crucial role in supporting both governments in achieving the bilateral trade target of US $100 billion and maximizing the potential of the UAE-India relationship. The round table witnessed participation of a 15-member CEOs delegation of the Confederation of Indian Industries (CII) from India and members of Abu Dhabi and Dubai Chambers of Commerce along with other leading businesses.
The visit also included meetings of the two Ministers with members of the recently established the UAE Chapter of UIBC, which consists of the CEOs of leading Emirati and Indian companies based in the UAE. The membership includes sectors such as logistics, civil aviation, sovereign wealth funds, start-ups, retail, financial services, apparel, e-commerce, banking, travel and tourism.
UIBC-UC organised a closed door roundtable for its members with Mr. Piyush Goyal and H.E. Dr. Thani Al Zeyoudi. The conversation revolved around the creation of marquee projects between both nations that UIBC-UC will execute, to further strengthen India-UAE trade relations. It also included members sharing their candid suggestions, grievances and brainstorming over future areas of synergy apropos the India-UAE corridor.
