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The UAE is set to step up investments in India, with another USD 25 billion in investment intent in the near future, while both countries are targeting to double bilateral trade to USD 200 billion by 2032, Union Commerce and Industry Minister Piyush Goyal said.
Speaking after the 14th meeting of the India-UAE High-Level Joint Task Force on Investments, Goyal said the two countries would deepen cooperation across sectors including ports, shipbuilding, space, food security, logistics, fintech, artificial intelligence and emerging technologies. The UAE has already invested USD 25 billion in India and is the country's seventh-largest source of foreign direct investment, Goyal said. The two sides are working towards an eventual UAE investment target of USD 100 billion in India. The minister said the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which is now four years old, has helped double bilateral trade to USD 100 billion. The countries have set an ambitious target of doubling this further to USD 200 billion by 2032. On the investment pipeline, Goyal said the UAE was looking at opportunities in ports, shipbuilding, space, Indian startups and the country's stock market. He said India offered stability and predictability at a time when the global economy was facing geopolitical tensions. The two countries also plan to establish working groups covering six areas in the shipping sector -- ship ownership, development of modern ports, ship manufacturing, repair and maintenance, ship breaking and container manufacturing. Goyal said India would need to double its port capacity over the next decade to support the country's growth, with the UAE expected to be an important investor in new and expanded ports. He cited projects including Vadhavan in Maharashtra and port development along India's eastern and western coasts as areas offering scope for cooperation. On exports, Goyal said India had recorded USD 863 billion in goods and services exports last year and has set a target of reaching USD 1 trillion this year. He said merchandise exports had risen by more than 15 per cent in the first six months of the Financial year 2026-27 till September 21. He also said India and the UAE were exploring greater cooperation in energy security, including strategic petroleum reserves and the possibility of UAE becoming a larger source of LPG and LNG for India. (ANI)
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