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UAE companies keen to invest in India: Piyush Goyal

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Union Commerce and Industry Minister Piyush Goyal said on Saturday that he was very satisfied “with the practical approach” of the UAE authorities and businesspersons and that the logistics companies are extremely keen to invest in India.

Addressing a press briefing in Dubai, he said the UAE authorities have confidence in Prime Minister Narendra Modi’s decision-making abilities.

“I feel very satisfied with the practical approach of the UAE authorities and the businesspersons. The logistics companies are extremely keen to invest in India. The authorities here have confidence in PM Narendra Modiji’s decision-making abilities,” he said.

“We have agreed for a dialogue between the UAE and the National Investment and Infrastructure Fund for speeding up investments. The excitement about increasing investment was across all sectors. There is a lot of interest around the brownfield projects. It was a very practical approach they demonstrated about investments,” he added.

India and UAE earlier on Saturday held the ninth meeting of the High-Level Joint Task Force on Investments here. The meeting was co-chaired by Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi.

The two countries reviewed progress towards a Comprehensive Economic Partnership and held discussions on exploring mutually beneficial methods to facilitate further investment from UAE sovereign investment entities in key priority sectors in India.

Piyush Goyal said India and UAE have decided to set up a joint task force which will be a common platform for continuous dialogue to remove small bottlenecks that may come up from time to time and raise new opportunities for collaboration between UAE and India.

“I am overwhelmed by the excitement in the UAE around investing in India.

In a sense, they asked us to present many more opportunities around roads, railways & infrastructure projects. They’ve offered cooperation to bring down the cost of logistics in India,” he said.

The minister said he sees a significant investment coming to India and a significant bump up in our exports from India to UAE.

“In the next one year of post COVID-19 period, I see a lot of interest in investing in infrastructure projects, monetization projects and some disinvestments. I see significant investment coming to India and a significant bump up in our exports from India to UAE,” he said.

“They have (UAE) flagged the issue of increasing the flights under air bubbles.

“Similarly, all the issues that were flagged by the Indian side for two years, I am delighted to share that they had acted very swiftly on those issues. What we discussed today was the tail-end of the relationship. Very minor issues,” he said.

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