UAE to invest 75bn dollar in India- Piyush Goyal

Commerce minister Piyush Goyal on Saturday announced that the UAE government has committed to invest $75 billion sovereign funds in India and the two partners have shared vision for clean energy as they are working together to start manufacturing of equipment for solar power,  Addressing a news briefing at Expo 2020 Dubai, Goyal said his engagements with UAE businessmen and investors were “truly fabulous”.

At the ninth meeting of a joint task force on investments, the two nations discussed exploring mutually beneficial methods and incentives to facilitate further investment from UAE sovereign investment entities in key priority sectors in India, a commerce ministry statement said. The meeting was co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, member of the executive council of the Emirate of Abu Dhabi. “The positive steps made by the Indian government in this context were noted and both sides agreed to continue to focus on ways of providing tax incentives to certain UAE sovereign investment entities,” the statement added.

Replying a question on India’s commitment for environment protection and achieving the net zero target, Goyal said: “The developed countries who are asking us to make a ‘net zero’ commitment on a particular... up to any date are not recognising that the work India has done is far more than what we had committed in Paris and the COP 21.” In fact, India has exceeded its commitments, he added. Speaking about the trade relations with the UAE, Goyal said that there are many areas of interest for Indian businesses such as textiles, leather accessories, footwear, pharmaceuticals and health care. “India and the UAE share a lot of complementarities. We are not in competition with each other. We actually can collaborate to serve large parts of the world,” he said.