The United Arab Emirates’ (UAE) investment commitment to India could exceed $100 billion, exceeding a previously stated target of $75 billion, with the two countries on Monday announcing a food park in India exclusively for the UAE market. The Minister of Commerce and Industry said that they had discussed the establishment in detail. Piyush Goyal said.
“We also reviewed the progress of the $75 billion of planned investments from the UAE into India. As of today’s discussion, there is a significant increase in investment in infrastructure, manufacturing, public markets and various other forms of investment,” the minister said. The investment will be close to $100 billion.” He was speaking to reporters after the 12th meeting of the India-UAE Investment High-Level Task Force.
The ‘Food Corridor’ that was at the center of the discussion included a $2 billion investment to set up a food processing unit that would manufacture products suitable for UAE pallets, as well as food park logistics needed to transport products to the UAE. investment is included. “The UAE initially committed $2 billion. These investments will be made over the next two to two-and-a-half years, he said. Discussions regarding investments in the food sector have been ongoing for some time. It’s going fast and the background work is almost done.
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Nemetschek Group says it aims to capture 15-20% of India’s AEC market within the next two to three years, depending on the growth in demand for innovative solutions.
“We have agreed to establish a small working group with the central government, concerned state governments and the UAE to advance the establishment of a food corridor between the two countries on a mission mode basis,” he said.
The UAE is the seventh largest country, accounting for 3% of the total foreign direct investment (FDI) received in India, with cumulative investment of approximately $19 billion from April 2000 to June 2024.
“Investments in the UAE are made through two vehicles. One is directly from the UAE, which is around $20 billion in amount. They also make co-investments through several other funds around the world. “Blackstone and KKR all have significant investments from UAE sovereign wealth funds that flow into India through large investment firms,” Goyal said.
Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund and one of the world’s largest funds with over $950 billion in assets, has received the necessary regulatory approvals and will be located in GIFT City. After opening an office, we started our business in India. . This office is expected to further strengthen ADIA’s investment activities in India.
India also announced the opening of a trade and investment promotion office in the UAE in collaboration with Investment India, Export Credit Guarantee Corporation (ECGC), Directorate General of Foreign Trade (DGFT) and National Industrial Corridor Development Corporation (NICDC). We are setting up 20 smart industrial cities across India.