India has initiated discussions with the United Arab Emirates, the fourth largest foreign investor in the country in 2023 with a foreign direct investment (FDI) of $3.5 billion, to scale up its commitment to invest $75 billion in the country to $100 billion, Commerce and Industry Minister Piyush Goyal said on Monday.
Mr. Goyal also announced UAE’s decision to invest in India’s food processing industry amounting to about $2 billion over the next two years. The food parks would be using Indian farm products for processing and export to UAE based on their standards.
A working group involving the Union and State governments and the UAE administration would take forward the plan for a food corridor between the two countries on “mission mode”, he said.
The UAE and India have also offered to provide a location to set up their investment facilitation offices free of cost in each other’s countries. “This will create a single window for information and approvals,” the Minister said. The first overseas campus of the Indian Institute of Foreign Trade would also be set up in the UAE.
Published – October 07, 2024 09:30 pm IST
