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Union Commerce and Industry Minister Piyush Goyal on Monday said the government has decided to open an office of ‘Invest India’ in Dubai to facilitate UAE investors interested in investing in India. Addressing the media after the 12th meeting of the India-UAE High Level Task Force on Investment, Goyal also announced that the first overseas campus of the Indian Institute of Foreign Trade (IIFT) will be set up in Dubai. This will be a boon for the 3.5 million Indian community living in the UAE. During the meeting, co-chaired by Goyal and Abu Dhabi Investment Authority Managing Director Sheikh Hamed bin Zayed Al Nahyan, both sides reviewed the progress on several key decisions and expressed satisfaction over the speedy implementation of various decisions.
Review of Economic Partnership Agreement
These measures include bilateral trade in local currencies, integration of payment systems of India and UAE, cooperation on central bank digital currencies, and development of a ‘food park’ in Ahmedabad. Goyal said, “The dia-UAE partnership is based on innovation, investment, and sustainable development.” The task force was set up in 2013 to promote trade, investment, and economic relations between India and the UAE. The joint task force reviewed the functioning of the India-UAE Comprehensive Economic Partnership Agreement.
Bilateral trade is growing steadily
.Goyal said that as a result of this agreement, bilateral trade has grown steadily. Trade in sectors other than oil increased to $28.2 billion in the first half of 2024. This is 9.8 percent more on an annual basis.
