AMN / MUMBAI
Union Minister for Commerce Piyush Goyal has informed that the Indian and UAE governments are working on interlinking of UPI of India and the AANI of UAE. It will facilitate seamless cross-border transactions between two countries. This will benefit over 3 million Indians residing in the UAE enabling them to use the power of UPI and AANI. Mr Goyal was addressing a press conference after the 12th meeting of the India-UAE high-level joint task force on investment in Mumbai today. The meeting was co-chaired by the Managing Director of Abu Dhabi Investment Authority HH Sheikh Hamed bin Zayed Al Nahyan.
He also informed that UAE has agreed to set up food parks in India and around 2 billion dollar investment is expected in these food parks in 2-2.5 years. Mr Goyal said these food parks will ensure food security in UAE and help to increase the incomes of Indian farmers along with job creation for Indian youths. A small working group will be set up which will include members from central government, state governments and UAE. Mr Goyal added this working group will ensure the formation of food corridors in mission mode.
About the total trade between the two countries after CEPA (Comprehensive Economic Partnership Agreement) Commerce Minister has informed that, Total trade between both countries has reached 84 billion dollars in 2023-24 and the Trade deficit has been reduced to 12 billion dollars from 22 billion dollars. As a result of the deal, bilateral trade has risen consistently, with non-oil trade rising to US$28.2 billion in the first half of 2024, a 9.8% year-on-year increase. The agreement has also spurred FDI – as of 2023, the UAE is India’s fourth largest foreign investor with US$3.35 billion committed across a wide range of sectors, representing a threefold increase in 2022. Indian FDI into the UAE in 2023 totalled US$ 2.05 billion, more than 2021 and 2022 combined. The Indian government has decided to open an office of Invest India in Dubai. This will be the 1st overseas office of Invest India in the Middle East and 2nd overseas office overall after Singapore. UAE will also set up a similar office in New Delhi.
Indian Institute of Foreign Trade (IIFT) will host its first overseas campus in Dubai. An MoU for the same was signed last week and by early 2025 short and medium term training programmes are expected to commence.
Mr Goyal said that Bharat Mart is expected to be completed in 2026. It will offer the benefits of free zone and mainland retail markets as well as provide Indian companies with access to world-class logistics. Till now more than 9 thousand expressions of interest have been received for 1400 units spread across the 1 lakh square meter.
The two sides welcomed the announcement of the Abu Dhabi Investment Authority (ADIA) establishing a subsidiary at GIFT City.