The United Arab Emirates (UAE) is poised to significantly enhance its investment in India, with projections reaching $100 billion across various sectors. Union Commerce and Industry Minister Piyush Goyal announced this during the 12th meeting of the India-UAE high-level task force on investments, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority.
This commitment builds on the UAE’s 2018 pledge to invest up to $75 billion in India. Goyal expressed optimism that this initial investment would evolve into $100 billion, covering areas such as infrastructure, manufacturing, and markets, although no specific timeline was provided.
The task force, established in 2013, aims to bolster trade and economic cooperation between the UAE and India. In the fiscal year 2022-23, bilateral trade reached $85 billion, making the UAE India’s third-largest trade partner, following China and the US. Additionally, the UAE is India’s second-largest export destination, accounting for nearly $31.61 billion in the same period. India currently faces a $12 billion trade deficit with the UAE, a decrease from $21 billion the previous year.
During his visit to the UAE earlier this year, Prime Minister Narendra Modi met with President Sheikh Mohamed bin Zayed Al Nahyan, where they signed several agreements focused on energy, finance, digital infrastructure, investments, and regional connectivity.
As part of this investment drive, Goyal revealed plans for a food corridor, with over $2 billion allocated for development over the next 2 to 2.5 years. This initiative aims to boost Indian farmers’ incomes and generate additional jobs, alongside discussions about establishing food parks in India. Goyal noted that the UAE is interested in investing in food processing facilities in India to provide high-quality products for the UAE market.
In a related announcement, India’s Press Information Bureau stated that the India Pavilion at Expo City in Dubai will house the first overseas campus of the Indian Institute of Foreign Trade (IIFT). The new campus is expected to open in early 2025, initially offering short and medium-term training programs, with plans to eventually launch its flagship MBA program in International Business.
