‘Invest India’ office will open in Dubai, know who will benefit from it and how

Union Commerce and Industry Minister Piyush Goyal on Monday said the government has decided to open the office of ‘Invest India’ in Dubai to facilitate UAE investors wishing to invest in India. Addressing the media after the 12th meeting of the India-UAE High Level Task Force on Investment, Goyal also announced that the first overseas campus of the Indian Institute of Foreign Trade (IIFT) will be set up in Dubai. This will be a boon for the 35 lakh Indian community living in the UAE. During the meeting, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, both sides reviewed the progress on several key decisions and expressed satisfaction at the speedy implementation of various decisions.

Review of Economic Partnership Agreement

These measures include bilateral trade in local currencies, integration of payment systems of India and UAE, cooperation on central bank digital currencies and development of a ‘food park’ in Ahmedabad. Goyal said, “India-UAE partnership is based on innovation, investment and sustainable development.” The task force was set up in 2013 to promote trade, investment and economic relations between India and the UAE. The Joint Task Force reviewed the functioning of the India-UAE Comprehensive Economic Partnership Agreement.

Bilateral trade continues to grow

Goyal said that bilateral trade has continuously increased as a result of this agreement. Trade in sectors other than oil is expected to increase to $28.2 billion in the first half of 2024. This is 9.8 percent more on annual basis.