The UAE has committed itself to invest $100 billion in India across several sectors, the country's commerce and industry minister, Piyush Goyal, revealed on Friday. Goyal made the announcement at the India-UAE Economic Partnership Summit in Mumbai.
"The commitment from the UAE is to look at over $100bn of investment to India in different sectors such as manufacturing, infrastructure, services," explained Goyal at the launch of the "India-UAE Start-up Bridge", part of a trade agreement between the two countries. In attendance at the event was the UAE's Economic Minister, Abdulla Bin Touq.
Launched 'India-UAE Start-up Bridge' with UAE Minister of Economy, Abdulla Bin Touq Al Marri at India-UAE Economic Partnership Summit.
There are pathbreaking beginnings in the #IndiaUAECEPA that will help unleash the golden era in our economic ties.
📹 https://t.co/nLdrn8QJy8 pic.twitter.com/BJx4rwWUkx
— Piyush Goyal (@PiyushGoyal) May 13, 2022
The trade deal, known as the Comprehensive Economic Partnership Agreement (CEPA), was signed in February and came into effect on 1 May. In a tweet on Friday, Goya said that the CEPA will usher in a "golden era in our economic ties."
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Bin Touq's four-day tour of India began on Wednesday. He arrived in New Delhi with a delegation of 80 trade representatives.
After the US and China, the UAE is now India's third largest trading partner. India is the UAE's top trading partner for non-oil exports, accounting for almost 14 per cent of its total non-oil exports globally. Bilateral trade between the countries presently stands at $60bn but is expected to reach $100bn within five years.
Goyal added that he expects trade to go up to $250bn by 2030. "Clearly, millions of jobs will be added if our exports, which are now at about $36bn, grow as we are planning. And my own guess estimate is this partnership can finally go up to about $250bn of bilateral trade on both sides."
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