THEBUSINESSBYTES BUREAU

MUMBAI, SEPTEMBER 28, 2026

India-UAE economic partnership is poised for “significant transformation” through greater collaboration in investment, innovation and development, Commerce and Industry Minister Piyush Goyal said on Monday as the two countries reviewed progress under their trade pact and advanced several major investment projects.

 “As the world’s fastest-growing large economy, India remains committed to inclusive, sustainable and resilient growth. The UAE is a trusted friend and partner in this journey,” Goyal said at the 14th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI), held in Mumbai.

The meeting, co-chaired by Goyal and Abu Dhabi Investment Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan, reviewed key trade and investment priorities and explored new areas of cooperation between the two countries.

The HLJTFI, established in 2013, serves as a platform to facilitate investments between India and the UAE and address issues faced by investors in the two countries.

The discussions come amid a steady expansion in bilateral economic ties. India-UAE bilateral trade stood at USD 101.25 billion in 2025-26, while non-oil trade touched USD 76.2 billion in 2025.

The two sides also reviewed progress under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), along with the Bilateral Investment Treaty and other agreements aimed at strengthening the investment environment.

India and the UAE have set an ambition of taking bilateral trade to USD 200 billion by 2032. The two countries are also widening investment cooperation in sectors including energy, infrastructure, technology and artificial intelligence.

The task force reviewed several major joint investment projects, including the proposed food park in Gujarat. It also noted the expected operationalisation of an Invest India office in the UAE before the end of 2026.

The meeting welcomed Emirates NBD's approximately USD 3 billion acquisition of a majority stake in RBL Bank and International Holding Company's USD 1 billion investment in Sammaan Capital.

The two sides also took note of a joint investment intent of USD 11.5 billion for setting up an integrated aluminium complex in Odisha.

The opening of branches of Mashreq Bank, First Abu Dhabi Bank and Abu Dhabi National Insurance Company in Gujarat International Finance Tec-City (GIFT City) was also highlighted.

Financial-sector cooperation figured prominently in the discussions, with the two sides reviewing progress on local-currency settlement, integration of payment and messaging systems and central bank digital currencies.

The countries agreed to work towards timely implementation of these initiatives, which are aimed at facilitating smoother and more resilient bilateral trade and investment.

The discussions also covered potential investments in energy, industry, logistics, infrastructure, AI, technology, space, food security, agricultural innovation and the startup ecosystem.

Civil aviation cooperation between Abu Dhabi and India was discussed with a focus on enhancing air connectivity. The two sides also explored investment opportunities for developing an aviation and logistics hub at Dholera in Gujarat.

The UAE-India Fast Track Mechanism, which works to resolve investment-related issues faced by companies from both countries, was also reviewed.

Goyal said the meeting “showcased positive progress under many initiatives” while deliberating on future avenues of cooperation.

 “Grounded in collaboration in investment, innovation development and security of our people, this partnership is poised for significant transformation under the visionary leadership of both sides,” he said.