MUMBAI: The 12th meeting of the India-UAE High-Level Joint Task Force on Investments (HLJTFI) was held in Mumbai. It was co-chaired by Abu Dhabi Investment Authority’s Sheikh Hamed bin Zayed Al Nahyan and India’s Commerce Minister Piyush Goyal. The task force, established in 2013, focuses on promoting trade and investment between the two nations.
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During the meeting, both sides celebrated the strong trade relationship under the Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022. Non-oil trade between India and the UAE rose to US$28.2 billion in the first half of 2024, reflecting a 9.8% increase. The UAE is now India’s fourth-largest foreign investor, with US$3.35 billion in investments across various sectors in 2023.
The meeting also highlighted several important initiatives, including the integration of payment systems, bilateral trade in local currencies, and collaboration on Central Bank Digital Currencies. Progress on key projects, such as a food park in Ahmedabad and a Virtual Trade Corridor, was reviewed.
The two sides discussed future investments, especially in sectors like energy, artificial intelligence, and food, which total around US$100 billion. They also addressed challenges faced by companies from both nations and discussed ways to boost investments further.
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Both nations expressed satisfaction with the progress made on joint initiatives and welcomed the Abu Dhabi Investment Authority’s plans to establish a subsidiary at GIFT City. The task force remains a critical platform for fostering economic ties and exploring new investment opportunities.
