India, UAE Review Trade, Investment & Financial Cooperation at 14th Joint Task Force Meeting in Mumbai

New Delhi, Sep 28 (KNN) India and the UAE reviewed bilateral trade, investment projects and financial-sector cooperation at the 14th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) held in Mumbai today.

The meeting was co-chaired by Commerce and Industry Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA).

India-UAE bilateral trade reached USD 101.25 billion in FY 2025–26, while non-oil trade stood at USD 76.2 billion in 2025. The two sides reviewed the implementation of the Comprehensive Economic Partnership Agreement (CEPA) and discussed the work of its relevant subcommittees.

The task force reviewed several investment projects, including the Food Park project in Gujarat and a joint investment intent of USD 11.5 billion for an integrated aluminium complex in Odisha.

The meeting also noted Emirates NBD’s approximately USD 3 billion acquisition of a majority stake in RBL Bank and International Holding Company’s (IHC) USD 1 billion investment in Sammaan Capital. The Invest India office in the UAE is expected to become operational before the end of 2026.

The two sides also noted the opening of branches of Mashreq Bank, First Abu Dhabi Bank (FAB) and Abu Dhabi National Insurance Company (ADNIC) in GIFT City and reviewed energy cooperation under agreements signed during Prime Minister Narendra Modi’s visit to the UAE in May 2026.

Financial-sector discussions covered local-currency settlement, integration of payment and messaging systems, and central bank digital currencies. Both sides agreed to work towards timely implementation of these initiatives.

India and the UAE discussed potential investment and cooperation in energy, industry, logistics, infrastructure, technology and artificial intelligence, space, food security, agricultural innovation and startups.

The meeting also covered civil aviation cooperation and investment opportunities for an aviation and logistics hub in Dholera, Gujarat.

The two sides reviewed the UAE-India Fast Track Mechanism for resolving outstanding issues affecting investments and companies from both countries and agreed to take steps towards their timely resolution.

(KNN Bureau)