India-UAE Economic Relations Soar: Fresh Initiatives and Strategic Investments on the Horizon

The Indian government is enhancing economic ties with the UAE by unveiling Invest India's office in Dubai and launching an IIFT overseas campus. The 12th India-UAE Task Force meeting reviewed initiatives like digital currency integration and a new food park. Key agreements focus on trade, investment, and payment system collaboration.

The Indian government has announced plans to strengthen its economic ties with the UAE through significant new initiatives. An office for Invest India will be established in Dubai, marking the first such overseas outpost in the Middle East. This office will serve as a focal point for UAE investors looking into Indian opportunities, as revealed by Union Minister for Commerce and Industry Piyush Goyal during a press briefing.

In conjunction with these developments, the Indian Institute of Foreign Trade (IIFT) is set to open its first international campus in Dubai, aimed at benefiting the substantial Indian community residing in the UAE. The decision was part of the outcomes from the 12th meeting of the India-UAE High-Level Task Force on Investment.

Key highlights from the meeting, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, included discussions on enhancing bilateral trade through local currency transactions, creating a Virtual Trade Corridor, and integrating national payment systems. Additionally, a new food park in Ahmedabad and partnerships in sectors such as energy, AI, and logistics were outlined as part of a broader USD 100 billion investment plan driven by strategic agreements.

(With inputs from agencies.)