UAE keen on expanding investments in India: Goyal

THe United arabian Emirates has verbalized stake to clothe in republic of india’s traditional as well all futuristic sectors such as banking, green energy, data centres, startups and logistics ecosystem, Union commerce minister Piyush Goyal said on Friday after concluding his two-day visit to the UAE.“I’ve had two very engaging days of extensive discussions, meetings at the highest level of government and business in UAE, and I’m closing this two-day visit on a tone of high optimism, great confidence, and reassurance that UAE-India strategic partnership is strong,” Goyal said.There’s a mutual commitment towards deeper engagement, big business, large investments, and further effort to expand our relations at the political, diplomatic, economic, and people-to-people, he said.“After the very successful 13th High Level Taskforce of Investments yesterday (Thursday) morning, we had a series of engagements with different ministers of the UAE government, with the Abu Dhabi Chamber of Commerce and Industry, and their senior members,” he said.The minister said that he held “very fruitful engagements and discussions” with the National Security Adviser and senior leaders responsible for the economic affairs of the UAE. Goyal also met investment minister Mohamed bin Hassan Alsuwaidi and captains of industry. The minister said he had “absolutely engaging discussions with huge potential outcome”.The minister also met Peng Xiao, group CEO of G42, who is responsible for the technology backbone and UAE’s technology initiatives in areas such as genomics and artificial intelligence (AI). “I also co-chaired a roundtable with Dr Thani, the minister of foreign trade, with UIBC (UAE–India Business Council) and high-level industry participation, where many investment and expansion opportunities of UAE companies in India were discussed at length -- manufacturing, infrastructure, technology,” he said.“We also discussed potential third country, joint projects between UAE and India, where we would be executing major infrastructure investments and other business potential. I met bankers. I met a number of industry segments which are of particular interest to India,” he said. Goyal was visiting the UAE with a business delegation of 75 captains of industry, representing sectors such as pharmaceuticals, textiles, leather and footwear, fisheries, finance and technology.“We have reset our targets, actively working to grow investments rapidly in different sectors and collaborating with the UAE, in renewable energy, shipbuilding, and logistics, pharmaceuticals, retail, and many other business sectors,” he said, adding that he would go back to India “convinced that the relationship is poised for another big leap of faith in the years to come”.HT reported on Friday that Goyal had said India and the UAE have set an ambitious new target of achieving $100 billion in bilateral trade, excluding oil and precious metals. The target effectively aims to double the value of trade in those commodities at present.The new target comes after the original $100 billion bilateral trade goal, including petroleum and precious metals, was achieved last year— just three years after the Comprehensive Economic Partnership Agreement (CEPA) was signed. Following the 2022 free trade agreement, bilateral trade surged over 130% to $100.06 billion in 2024-25 from $43.3 billion in 2020-21, with crude oil and precious metals accounting for about $45 billion of last fiscal’s shipments.Goyal engaged with the CEOs of prominent Indian and UAE companies during the UIBC roundtable, which he co-chaired with Thani bin Ahmed Al Zeyoudi, the minister of foreign trade, UAE. Both leaders expressed deep satisfaction over the growing economic partnership between India and UAE. The two sides discussed key projects such as setting up Bharat Mart and India-UAE Friendship Hospital in Dubai.Goyal said Bharat Mart will help Indian small and medium enterprises and already over 9,000 companies expressed interest in setting up their units. The proposed hospital is a charitable project and stands as a beacon of care, compassion, and commitment to the blue-collar workforce, in line with the vision of Prime Minister Narendra Modi.