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Union Commerce and Industry Minister Piyush Goyal said the United Arab Emirates has signaled its intent to commit another $25 billion to India in the near term after already investing a similar amount in recent years. Goyal made the remarks following the 14th meeting of the India-UAE High-Level Joint Task Force on Investments held in Mumbai and co-chaired with Abu Dhabi Investment Authority Managing Director Sheikh Hamed bin Zayed Al Nahyan. The minister added that the long-term objective is to lift total UAE investments in India to $100 billion, describing the Gulf country as the seventh-largest source of foreign direct investment into the Indian economy.
According to Goyal the discussions produced an agreement to form a bilateral working group focused on six aspects of maritime cooperation including ship ownership, development of modern ports, ship manufacturing, repair and maintenance, ship breaking and container manufacturing. The minister highlighted growing UAE interest in India’s ports, shipbuilding, space technology, startups, stock markets and logistics infrastructure as part of the fresh investment pipeline. A joint statement issued after the meeting noted that both sides reviewed progress on local-currency settlement mechanisms, payment system integration and central bank digital currency initiatives.
Goyal pointed to recent UAE transactions as evidence of momentum, including Emirates NBD’s acquisition of a majority stake in RBL Bank for approximately $2.75 billion completed in June and International Holding Company’s commitment of around $1 billion for a controlling interest in Sammaan Capital. The minister stated that these deals illustrate the breadth of UAE capital deployment beyond traditional sectors. He noted that the task force has become an effective platform for resolving investor challenges and advancing implementation of the Comprehensive Economic Partnership Agreement signed four years earlier.
India and the UAE have set an ambitious goal of doubling bilateral trade from the current $100 billion level to $200 billion by 2032, Goyal said after the Mumbai gathering. Figures presented at the meeting show bilateral trade reached $101.25 billion in FY26 while non-oil trade stood at $76.2 billion in 2025. The two governments are also exploring greater use of the Indian rupee and UAE dirham in cross-border transactions given the dirham’s peg to the US dollar.
Energy security emerged as a prominent theme in the talks with both sides examining opportunities for the UAE to supply more liquefied petroleum gas, liquefied natural gas and other fuels to India. Goyal said officials are studying the feasibility of subsea pipelines to transport and store gas in India as a means to bolster energy resilience. The discussions also covered potential collaboration on strategic petroleum reserves in line with an agreement signed earlier this year during a period of regional supply tensions.
The joint task force reviewed cooperation in artificial intelligence, emerging technologies, food security and fintech with both delegations emphasising private-sector participation to accelerate project delivery. Goyal described the meetings as productive and focused on translating policy commitments into tangible investment flows across priority areas. Officials from both countries agreed to maintain regular engagement through the task force mechanism to address implementation hurdles as investment volumes increase.
