The India-UAE Excessive Stage Joint Job Pressure on Investments (HLJTFI) gathered for its twelfth assembly in Mumbai on Monday, October 7. The assembly was co-chaired by Commerce and Trade Minister Piyush Goyal and Abu Dhabi Funding Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan. In the course of the assembly, the co-chairs acknowledged the continued development and strengthening of the bilateral relationship between India and the UAE, spanning plenty of issues together with these associated to commerce and investments. The India-UAE Bilateral Funding Treaty, signed throughout Prime Minister Narendra Modi’s go to to the UAE in February 2024, has been ratified by either side and entered into drive with impact from August 31, 2024, in response to an official assertion.
Goyal stated that the federal government will open an Make investments India workplace in Dubai, the UAE, which is able to function a devoted level of contact for potential UAE buyers looking for to spend money on India.
The Indian Union Minister additionally stated that Abu Dhabi Funding Authority (ADIA) will set up a subsidiary at GIFT Metropolis in Gujarat. “This underlines the sturdy curiosity from UAE’s institutional buyers in India’s rising and dynamic economic system, and GIFT Metropolis’s fame as world-class monetary companies centre, working below a powerful regulator and a sturdy authorized framework,” the assertion talked about.
“India-UAE partnership stands on the pillars of innovation, funding and sustainable improvement. The Joint Job Pressure assembly right this moment was helpful to take inventory of all of the laudable initiatives that India and the UAE have collectively undertaken, equivalent to native forex settlement, digital commerce hall, Bharat Mart, and so forth,” stated the Commerce and Industries Minister.
“With the sturdy framework now supplied by India-UAE CEPA and Bilateral Funding Treaty, I encourage stakeholders to additional discover funding alternatives and commerce prospects,” Goyal added.
He additionally acknowledged meals parks among the many key areas for higher collaboration and investments between India and the UAE.
Established in 2013 to advertise commerce, funding, and financial ties between India and the UAE, HLJTFI has supplied an efficient mechanism to debate alternatives and prospects for additional investments in India and the UAE. It additionally acts as a discussion board to resolve points confronted by buyers of the 2 nations.
The co-chairs acknowledged plenty of areas throughout the assembly, together with the fast rise in bilateral commerce below the Complete Financial Partnership Settlement (CEPA), which got here into drive in Could 2022.
The Joint Job Pressure additionally reviewed the working of the India-UAE CEPA, which was one of many fastest-ever negotiated Free Commerce Agreements.
This landmark settlement is designed to stimulate elevated commerce and increase the buying and selling relationship between the 2 nations, the commerce ministry stated.
Within the final two years, the CEPA has helped scale back tariffs on nearly all of product strains, sought to deal with different boundaries to commerce, and created new avenues for cooperation.
On account of the deal, bilateral commerce has risen constantly, with non-oil commerce rising to $28.2 billion within the first half of 2024, a 9.8 per cent year-on-year improve, the ministry famous.
It additionally highlighted that the settlement has spurred FDI on either side, representing “actual development with actual, on-the-ground affect”. The settlement has additionally led to job creation in India and fast development in exports from labour-oriented sectors, it stated.
Contemplating the strategic agreements and initiatives signed throughout Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed Al Nahyan’s current official go to to India, the 2 sides famous the prevailing and future investments and initiatives of UAE entities in key sectors of the Indian economic system, together with vitality, synthetic intelligence, logistics, and meals and agriculture, totalling roughly $100 billion.
The assembly additionally reviewed UAE investments in Indian infrastructure property.
Throughout Monday’s assembly, the 2 sides reviewed progress on a number of key initiatives, just a few of which have been beforehand introduced by Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan. Either side additionally expressed satisfaction on the fast tempo of implementation.
