India-UAE trade: DPIIT Secretary in talks with ADIA, Mubadala for investments
1 min read . Updated: 08 May 2023, 08:58 PM IST
PremiumThe United Arab Emirates (UAE) is currently the seventh-largest investor in India, with an estimated investment of $18 billion.
India sought investments from the Abu Dhabi Investment Authority and sovereign investor Mubadala, an official statement said on Monday. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh is in UAE and is holding meetings with the senior leadership of Abu Dhabi Investment Authority and Abu Dhabi-based sovereign investor Mubadala. He sought investments in various sectors like renewable energy and digital space.
"Welcoming the surge in investments from the UAE to India, Rajesh Kumar Singh invited both companies to explore new sectors for investing in India, especially the renewable and digital sectors," the commerce and industry ministry said.
Rajesh Kumar Singh and UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeoudi, jointly inaugurated events to celebrate the first anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE.
According to a statement, the United Arab Emirates (UAE) is currently the seventh-largest investor in India, with an estimated investment of $18 billion.
Since the free trade agreement came into effect, bilateral trade has increased by 20%, and India's exports to the UAE have increased by 12%, reaching $31.3 billion in 2022-2023.
In addition, Rajesh Kumar Singh inaugurated the Kerala Pavilion at the Annual Investment Meeting in Abu Dhabi and will inaugurate the International Jewellery Exposition Centre in Dubai on Tuesday.
The Secretary will also be the chief guest at a function arranged by the Gems and Jewellery Export Promotion Council, where it is anticipated that approximately 100 companies from both India and the UAE, along with representatives from several export promotion councils, will take part.
(With PTI inputs)