MENA Newswire News Desk: The 12th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) was held in Mumbai, co-chaired by Shri Piyush Goyal, India’s Minister of Commerce and Industry, and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA). The HLJTFI, established in 2013, serves as a forum to strengthen trade and investment relations between India and the UAE.
Both co-chairs acknowledged the continued growth in bilateral relations, highlighting the progress made since the India-UAE Bilateral Investment Treaty came into force in August 2024. The Comprehensive Economic Partnership Agreement (CEPA), signed in May 2022, has further bolstered trade ties, with non-oil trade reaching $28.2 billion in the first half of 2024, marking a 9.8% year-on-year increase. The UAE has become India’s fourth-largest investor, with $3.35 billion in Foreign Direct Investment (FDI) across various sectors.
Indian investments into the UAE have also seen a sharp rise, totaling $2.05 billion in 2023. This trend reflects significant, tangible growth in the economic partnership between the two nations. Strategic sectors like energy, logistics, and artificial intelligence have witnessed notable UAE investments, with joint projects in these industries now totaling approximately $100 billion.
At the meeting, the task force reviewed key initiatives such as bilateral trade in local currencies, the integration of payment systems, and cooperation on Central Bank Digital Currencies. Progress on projects such as the Virtual Trade Corridor and the development of a food park in Ahmedabad were also discussed, with both parties expressing satisfaction at the pace of implementation.
Additionally, the Abu Dhabi Investment Authority announced the establishment of a subsidiary in GIFT City, underscoring the UAE’s strong interest in India’s growing economy. GIFT City has emerged as a key financial hub, bolstered by strong regulatory frameworks and legal standards, making it an attractive destination for institutional investors.
Indian officials highlighted investment opportunities in renewable energy, green hydrogen, and pharmaceuticals, while the UAE expressed interest in India’s expanding aerospace sector. Both sides pledged to work together to address challenges faced by businesses and remove obstacles to further cooperation.