emirates7 - The 12th Meeting of the India-UAE High-Level Joint Task Force on Investments (HLJTFI) was held in Mumbai, co-chaired by India’s Minister of Commerce and Industry, Shri Piyush Goyal, and H.H. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA). Established in 2013, the HLJTFI aims to enhance trade and economic ties between India and the UAE, serving as a platform to discuss investment opportunities and resolve challenges faced by investors in both countries.
At the meeting, the co-chairs acknowledged the strengthening bilateral relationship, noting the growth in trade and investment. They highlighted the India-UAE Bilateral Investment Treaty, which was ratified following Prime Minister Modi's visit to the UAE in February 2024 and came into effect on August 31, 2024. Additionally, they recognized the positive impact of the Comprehensive Economic Partnership Agreement (CEPA), which has reduced trade barriers and boosted cooperation since its implementation in May 2022. This has resulted in a consistent rise in bilateral trade, with non-oil trade reaching $28.2 billion in the first half of 2024, a 9.8% increase year-on-year. UAE foreign direct investment (FDI) in India surged to $3.35 billion in 2023, making the UAE India’s fourth-largest investor. Indian FDI into the UAE also increased, totaling $2.05 billion in 2023.
The meeting reviewed various strategic agreements and initiatives, including those from H.H. Sheikh Khalid bin Mohamed Al Nahyan's recent visit to India. These include major UAE investments in key Indian sectors like energy, artificial intelligence, logistics, food, and agriculture, which together total around $100 billion.
Key projects discussed included bilateral trade in local currencies, payment system integration, cooperation on central bank digital currencies, the development of a Virtual Trade Corridor, and a food park in Ahmedabad. Both sides expressed satisfaction with the progress and commitment to these initiatives, which reflect the leaders' visions for stronger cooperation.
The announcement of ADIA establishing a subsidiary in GIFT City was welcomed, further solidifying UAE institutional investment interest in India. The meeting also explored investment opportunities in priority sectors like renewable energy, green hydrogen, and pharmaceuticals, with India highlighting its growing aviation market as an area for potential UAE investment.
Both sides discussed ways to address challenges and obstacles faced by companies and directed teams to work together to resolve these issues. The meeting was attended by senior officials, including Indian Commerce Minister Shri Piyush Goyal and H.H. Sheikh Hamed bin Zayed Al Nahyan, who both emphasized the importance of the CEPA and the HLJTFI in driving cooperation and mutual economic growth.
At the meeting, the co-chairs acknowledged the strengthening bilateral relationship, noting the growth in trade and investment. They highlighted the India-UAE Bilateral Investment Treaty, which was ratified following Prime Minister Modi's visit to the UAE in February 2024 and came into effect on August 31, 2024. Additionally, they recognized the positive impact of the Comprehensive Economic Partnership Agreement (CEPA), which has reduced trade barriers and boosted cooperation since its implementation in May 2022. This has resulted in a consistent rise in bilateral trade, with non-oil trade reaching $28.2 billion in the first half of 2024, a 9.8% increase year-on-year. UAE foreign direct investment (FDI) in India surged to $3.35 billion in 2023, making the UAE India’s fourth-largest investor. Indian FDI into the UAE also increased, totaling $2.05 billion in 2023.
The meeting reviewed various strategic agreements and initiatives, including those from H.H. Sheikh Khalid bin Mohamed Al Nahyan's recent visit to India. These include major UAE investments in key Indian sectors like energy, artificial intelligence, logistics, food, and agriculture, which together total around $100 billion.
Key projects discussed included bilateral trade in local currencies, payment system integration, cooperation on central bank digital currencies, the development of a Virtual Trade Corridor, and a food park in Ahmedabad. Both sides expressed satisfaction with the progress and commitment to these initiatives, which reflect the leaders' visions for stronger cooperation.
The announcement of ADIA establishing a subsidiary in GIFT City was welcomed, further solidifying UAE institutional investment interest in India. The meeting also explored investment opportunities in priority sectors like renewable energy, green hydrogen, and pharmaceuticals, with India highlighting its growing aviation market as an area for potential UAE investment.
Both sides discussed ways to address challenges and obstacles faced by companies and directed teams to work together to resolve these issues. The meeting was attended by senior officials, including Indian Commerce Minister Shri Piyush Goyal and H.H. Sheikh Hamed bin Zayed Al Nahyan, who both emphasized the importance of the CEPA and the HLJTFI in driving cooperation and mutual economic growth.