Abu Dhabi Investment Authority to establish subsidiary in GIFT City: Piyush Goyal

The India-UAE High Level Joint Task Force connected Investments (HLJTFI) gathered for its 12th gathering successful Mumbai connected Monday, October 7. The gathering was co-chaired by Commerce and Industry Minister Piyush Goyal and Abu Dhabi Investment Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan. During the meeting, the co-chairs acknowledged the continued maturation and strengthening of the bilateral narration betwixt India and the UAE, spanning a fig of matters including those related to commercialized and investments. The India-UAE Bilateral Investment Treaty, signed during Prime Minister Narendra Modi’s sojourn to the UAE successful February 2024, has been ratified by some sides and entered into unit with effect from August 31, 2024, according to an authoritative statement.  

Goyal said that the authorities volition unfastened an Invest India bureau successful Dubai, the UAE, which volition service arsenic a dedicated constituent of interaction for imaginable UAE investors seeking to put successful India.

The Indian Union Minister besides said that Abu Dhabi Investment Authority (ADIA) volition found a subsidiary astatine GIFT City successful Gujarat. "This underlines the beardown involvement from UAE’s organization investors successful India’s increasing and dynamic economy, and GIFT City’s estimation arsenic world-class fiscal services centre, operating nether a beardown regulator and a robust ineligible framework," the connection mentioned. 

“India-UAE concern stands connected the pillars of innovation, concern and sustainable development. The Joint Task Force gathering contiguous was utile to instrumentality banal of each the laudable initiatives that India and the UAE person jointly undertaken, specified arsenic section currency settlement, virtual commercialized corridor, Bharat Mart, and truthful on," said the Commerce and Industries Minister. 

"With the beardown model present provided by India-UAE CEPA and Bilateral Investment Treaty, I promote stakeholders to further research concern opportunities and commercialized possibilities," Goyal added.

He besides acknowledged nutrient parks among the cardinal areas for greater collaboration and investments betwixt India and the UAE. 

Established successful 2013 to beforehand trade, investment, and economical ties betwixt India and the UAE, HLJTFI has provided an effectual mechanics to sermon opportunities and prospects for further investments successful India and the UAE. It besides acts arsenic a forum to resoluteness issues faced by investors of the 2 countries.

The co-chairs acknowledged a fig of areas during the meeting, including the accelerated emergence successful bilateral commercialized nether the Comprehensive Economic Partnership Agreement (CEPA), which came into unit successful May 2022.

The Joint Task Force besides reviewed the moving of the India-UAE CEPA, which was 1 of the fastest-ever negotiated Free Trade Agreements.

This landmark statement is designed to stimulate accrued commercialized and boost the trading narration betwixt the 2 countries, the commercialized ministry said.

In the past 2 years, the CEPA has helped trim tariffs connected the bulk of merchandise lines, sought to code different barriers to trade, and created caller avenues for cooperation.

As a effect of the deal, bilateral commercialized has risen consistently, with non-oil commercialized rising to $28.2 cardinal successful the archetypal fractional of 2024, a 9.8 per cent year-on-year increase, the ministry noted.

It besides highlighted that the statement has spurred FDI connected some sides, representing "real maturation with real, on-the-ground impact". The statement has besides led to occupation instauration successful India and accelerated maturation successful exports from labour-oriented sectors, it said. 

Considering the strategical agreements and initiatives signed during Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed Al Nahyan's recent authoritative sojourn to India, the 2 sides noted the existing and aboriginal investments and projects of UAE entities successful cardinal sectors of the Indian economy, including energy, artificial intelligence, logistics, and nutrient and agriculture, totalling astir $100 billion.

The gathering besides reviewed UAE investments successful Indian infrastructure assets.

During Monday's meeting, the 2 sides reviewed advancement connected respective cardinal initiatives, a fewer of which were antecedently announced by Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan. Both sides besides expressed restitution astatine the accelerated gait of implementation.

Food parks are among areas for greater collaboration and investments betwixt India and the UAE, the Commerce Ministry said.