New Delhi, Sep 19 (IANS) Commerce and Industry Minister Piyush Goyal said on Friday that investments from the cash-rich United Arab Emirates (UAE) into India are likely to shoot up both as FDI in business ventures and FII in the capital markets.
“My sense is we can look at a larger investment flow from the UAE. Given where the Indian economy is today, we will look at much larger pools of capital coming into India both as FDI and FII,” the Minister, who is on a two-day trip to the UAE on Thursday and Friday, during which he co-chaired the 13th India-UAE High Level Task Force on Investments along with Abu Dhabi Investment Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan, and reviewed progress on the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the Double Taxation Treaty, and UAE-India Central Bank matters.
He pointed out that the UAE has emerged as a hub of activities for Africa, the Middle East and Central Europe.
“India would like to leverage on the hub of investment that the UAE has been successful in creating,” the minister remarked.
Goyal highlighted the complementarity between the UAE’s large capital base and India’s skilled talent pool, which could lead to a beneficial partnership between the two countries.
“There are many third-country requirements where large pools of capital can be deployed. It can become a win-win for the third country, for the UAE as a provider of large capital and India as a provider of skill and talent. We are trying to encourage the private sectors of both countries to work in that direction,” he said
“Businesses on both sides have used the FTA between India and the UAE to their advantage, allowing us to reset our ambitions to a higher level and look at a non-oil and non-precious metal bilateral trade of $100 billion in the next 3 to 4 years,” he added.
On Friday, Goyal held a series of meetings focused on strengthening bilateral trade, deepening investment ties, and exploring new avenues of cooperation to further enhance relations, a Commerce Ministry statement said.
He engaged with CEOs of prominent Indian and UAE companies during the UAE–India Business Council (UIBC) Roundtable, which he co-chaired alongside the UAE’s Minister of Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi.
Both leaders expressed deep satisfaction over the ever-growing economic partnership between India and the UAE and highlighted the significant role played by the business community in furthering the relationship between the two countries.
There were discussions around the exchange of views on enhancing bilateral trade and investment flows, strengthening business partnerships, and identifying new areas of economic collaboration.
Progress on key cornerstone projects like Bharat Mart and India UAE Friendship Hospital was also discussed, and the role they would play in enhancing bilateral trade and investments, as well as their impact on the wider Indian diaspora in the UAE, was also outlined.
Both ministers also noted the increasing role of business leaders in philanthropic initiatives and further commented on the constructive role of these initiatives for the wider community. They invited businesses to not just explore opportunities in India and in the UAE but also widen their scope and ambition to other regions, such as Africa, Europe and Central Asia.
An interaction session between Goyal and prominent UAE business leaders was coordinated by Apparel Group Chairman Nilesh Ved, with discussions focused on expanding the investment outreach and highlighting India’s potential to support UAE companies’ regional and global ambitions. The minister outlined the recent progress made by the Indian economy in terms of macroeconomic growth, infrastructure development and social inclusion, and further emphasised India’s growth path towards ‘Viksit Bharat’. He invited UAE businesses to leverage the upcoming growth opportunities in India, the statement said.
During these engagements, UAE investors shared constructive perspectives on further enhancing the investment environment, including issues related to market access, regulatory processes, and dispute resolution, it added.
Matters such as arbitration frameworks and predictability of enforcement were also discussed in a forward-looking manner. The minister reiterated India’s commitment to providing a transparent and facilitative business environment, and highlighted the government’s sustained focus on reforms to strengthen investor confidence and the country’s recent economic performance.
Goyal also held focused discussions with First Abu Dhabi Bank CEO Hana Al Rostamani, IFFCO Group’s Irfan Allana, and Sharaf Group’s Sharafuddin Sharaf. These discussions focused on growth pathways for the companies to enhance their India presence and deepen financial and economic partnerships between businesses of both countries, the statement said.
He also interacted with representatives of the India People’s Forum, reflecting the continued engagement with the Indian diaspora and its integral role in strengthening the cultural and economic bonds between India and the UAE. He highlighted the significant contributions made by the Indian diaspora in the UAE and its role in driving economic partnership between both countries.
–IANS
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