INDIA-UAE Partnership: Commerce and Industry Minister Piyush Goyal said that India and the United Arab Emirates (UAE) are exploring possibilities of increasing trade in rupees and dirhams. This will give a great boost to bilateral trade. Goyal said that apart from this, the cost of sending money from UAE to India will also reduce. Piyush Goyal said, "We have considered further expanding the rupee-dirham trade, which is being facilitated by the efforts of the Central Bank of the UAE and the Reserve Bank of India (RBI)." Investments are likely to come in pharma, roads and highways, ports, other infrastructure activities, clean energy, green hydrogen, solar and wind energy sectors.
Commerce and Industry Minister Piyush Goyal is in UAE
He said, "I have just completed discussions with the RBI and the central bank of the UAE and we have agreed to work closely with industry and bankers to conduct rupee-dirham trade more quickly and on a larger scale." Goyal has come here to participate in the 11th meeting of the India-UAE high-level task force on investment. He said that domestic currencies will save about five percent on all types of trade between the two countries.
Delighted to co-chair the 11th India-UAE High Level Joint Task Force on Investments with HH Sheikh Hamed bin Zayed Al Nahyan, MD of the Abu Dhabi Investment Authority.
Explored avenues for facilitating investments in areas of mutual interest to give further impetus to the… pic.twitter.com/qehhJhO0we
— Piyush Goyal (@PiyushGoyal) October 5, 2023
There is an FTA between India and UAE for bilateral trade and economic relations
Both sides discussed setting up food and industrial parks in India. India and UAE have already signed a Free Trade Agreement (FTA) in May last year to boost bilateral trade and economic ties. Bilateral trade between the two countries has increased to $84.9 billion in 2022-23, from $72.9 billion in 2021-22.
Piyush Goyal said that UAE investors are keen to invest in India in various sectors like clean energy, infrastructure, education, health care, food processing and financial services. He said that there is a lot of potential in the airline sector for UAE investors in India as the Indian government is placing a lot of emphasis on the travel and tourism sectors. The Union Minister said, "UAE companies are showing great interest in financial services. I think after some days we will see good investment in public sectors and manufacturing and service sectors"
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