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Piyush Goyal detailed the investment push after co-chairing the 14th meeting of the India-UAE High-Level Joint Task Force on Investments in Mumbai. The minister noted that the UAE has already invested $25 billion in India and stands as the country’s seventh-largest source of foreign direct investment. Goyal cited recent examples including an approximately $3 billion stake by Emirates NBD in RBL Bank and a roughly $1 billion acquisition by International Holding Company in Sammaan Capital as evidence that part of the fresh capital flow has begun. The discussions identified ports, shipbuilding, space technology, startups and the stock market as priority areas for UAE investors.
The Comprehensive Economic Partnership Agreement, now four years old, has enabled bilateral trade to reach about $100 billion, according to Goyal. Both sides have set a target of expanding that volume to $200 billion by 2032. Commerce ministry data shows the pact has driven growth across diversified sectors with non-oil trade contributing substantially to the total. The minister highlighted that the investment and trade ambitions reflect deepening strategic ties between the two economies.
Cooperation in the maritime sector emerged as a key focus of the meeting, with the two sides agreeing to form a joint working group. Goyal listed six specific areas for collaboration including ship ownership, development of modern ports, ship manufacturing, repair and maintenance, ship breaking and container production. The minister added that India will need to double its port capacity over the next decade to match economic expansion, creating further openings for UAE capital in projects such as Vadhavan port in Maharashtra.
Energy security formed another pillar of the talks, as Goyal revealed that studies are underway for subsea pipelines to transport and store gas in India. The UAE could become a more significant supplier of LPG, LNG and other fuels under the expanded partnership. Goyal described the UAE as a trusted partner in building bridges for energy resilience, including potential investments in India’s strategic petroleum reserves. These initiatives come amid efforts to strengthen supply chains.
Progress on local currency settlement in rupee and dirham also featured in the discussions. Goyal reported that such transactions have reached double digits and are expected to expand further, aided by the dirham’s peg to the dollar which keeps risks low. The two central banks are examining integration of payment systems and digital currency initiatives to facilitate smoother trade.
The task force meeting was co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority. Participants reviewed taxation, logistics, market access and financial cooperation alongside the investment and trade topics. Goyal said the exchanges underscored the UAE’s confidence in India’s growth story and laid groundwork for concrete follow-up actions across the identified sectors.
