UAE Commits $2 Billion to Boost India's Food Processing Industry

The UAE has pledged an initial $2 billion investment in India's food processing sector, as part of collaborative efforts to establish food parks. Both nations are enhancing trade ties, with plans for investment offices. Discussions covered renewable energy and institute campuses.

The United Arab Emirates has committed approximately USD 2 billion towards establishing food processing facilities in India, Commerce Minister Piyush Goyal announced on Monday. This came after the '12th Meeting of the India-UAE High-level Task Force on Investments,' highlighting the UAE's interest in utilizing Indian farmers' produce for goods tailored to its tastes.

The joint task force, created in 2013 to foster trade and economic relations, aims to solidify this investment over the next two to two-and-a-half years. Minister Goyal emphasized the creation of a dedicated working group to facilitate the development of a food corridor between the two nations, ensuring smooth logistics to the UAE.

Besides food processing, the meeting also addressed opportunities in data centers, artificial intelligence, and renewable energy. Plans are underway to open investment promotion offices in both countries, facilitating greater cooperation as the UAE provides space for India's office free of charge. Additionally, the Indian Institute of Foreign Trade is set to establish its first overseas campus in the UAE.

(With inputs from agencies.)