India is poised to attract $100 billion in investments from the UAE in the coming years, a senior Indian minister said.
A slew of sectors including renewable energy, power transmission infrastructure, data centres and artificial intelligence are expected to draw significant investment from the Gulf country, India’s Commerce and Industry Minister Piyush Goyal said.
“These initiatives will lead to $100 billion in manufacturing and other forms of investments,” Goyal said, after the conclusion of the 12th meeting of the India-UAE High-Level Task Force on Investment in Mumbai.
Currently, direct equity investments from the Emirates are just under $20 billion, with nearly $3 billion invested in the last fiscal year alone.
The annual investment from the Gulf country, which is India’s seventh-largest investor, has tripled over the past five years.
Highlighting the progress made between India and the UAE following the Comprehensive Economic Partnership Agreement (CEPA), Goyal said both nations are exploring additional avenues for collaboration.
“The UAE has offered to provide free-of-cost locations to promote investment, trade, technology, and, at a later stage, tourism between the UAE and India.
“Invest India, NICDC, and two other agencies will participate in this office, while the UAE will establish a similar office in India, co-located with Invest India,” the minister said.
Additionally, Goyal mentioned the Indian Institute of Foreign Trade’s plans to open a campus in Dubai.
He also highlighted the collaboration between India’s Unified Payments Interface (UPI) and the Emirates’ AANI.
The minister also expressed confidence in the resilience of the two countries’ relations, despite ongoing global conflicts.
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