Union Commerce and Industry Minister Piyush Goyal mentioned that the UAE intends to raise its investments in India, indicating plans for an extra USD 25 billion shortly, as both nations strive to double bilateral trade to USD 200 billion by 2032.
During the 14th session of the India-UAE High-Level Joint Task Force on Investments, Goyal mentioned that both nations seek to improve cooperation in sectors including ports, shipbuilding, space, food security, logistics, fintech, artificial intelligence, and emerging technologies.
Goyal emphasized that the UAE has put in USD 25 billion in India and is the seventh-largest provider of foreign direct investment in the nation. Both parties are collaborating to achieve a future UAE investment goal of USD 100 billion in India.
The Minister mentioned that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which is now four years old, has helped to double bilateral trade to USD 100 billion. The two nations seek to boost bilateral trade to USD 200 billion by 2032.
Goyal noted that the UAE is looking into investment prospects in ports, ship construction, space, Indian startups, and the national stock exchange.
He mentioned that India offered stability and assurance amidst a time when the world economy encountered geopolitical difficulties.
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Both nations aim to establish working groups that will concentrate on six facets of the shipping sector: vessel ownership, contemporary port development, ship construction, maintenance and repair, ship recycling, and container manufacturing.
Goyal mentioned that India needs to double its port capacity in the next ten years to facilitate the nation's growth, with the UAE likely to be a major investor in newly developed and expanded ports. He highlighted projects like Vadhavan in Maharashtra and the development of ports on India's eastern and western seaboards as chances for partnership.
Regarding exports, Goyal highlighted that India reached USD 863 billion in goods and services exports last year and plans to target USD 1 trillion this year. He mentioned that goods exports had risen by over 15 percent during the initial six months of the financial year 2026-27, until September 21.
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Additionally, he noted that India and the UAE are aiming to strengthen cooperation on energy security, which encompasses strategic petroleum reserves and the possibility of the UAE increasing its supply of LPG and LNG to India.
Furthermore, India and the United Arab Emirates announced their intention to create a strategic defense partnership and finalized an LNG agreement as Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan established a USD 200 billion annual trade goal by 2032, outlining a comprehensive plan to strengthen their relationship.
Through the defence partnership, India and the UAE are focusing on collaboration in defence industries, advanced technologies, cyberspace training, special operations, military interoperability, and counter-terrorism efforts.
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A new agreement was signed for Hindustan Petroleum Corporation Limited (HPCL) to acquire 0.5 million metric tonnes of LNG (Liquefied Natural Gas) from Abu Dhabi National Oil Company Gas over ten years beginning in 2028. The two parties also agreed to investigate partnership opportunities in cutting-edge nuclear technologies, encompassing the creation of large nuclear reactors and small modular reactors, in addition to collaboration in advanced reactor systems, operations and maintenance of nuclear power plants, and nuclear safety.