Commerce and Industry Minister Piyush Goyal on Thursday began a two-day visit to the United Arab Emirates aimed at strengthening trade and investment ties, while expanding collaboration in education, technology, and emerging sectors.
Goyal co-chaired the 13th meeting of the India-UAE High-Level Joint Task Force on Investments with Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority. The UAE delegation included Minister of Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, Ahmed Jassim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, and senior officials. India was represented by Ambassador Sunjay Sudhir and officials from key ministries and agencies, including the Department for Promotion of Industry and Internal Trade, Ministry of Food Processing, Ports and Shipping, Health, Reserve Bank of India, NPCI, and Invest India.
Talks reviewed the progress of the Comprehensive Economic Partnership Agreement (CEPA), which has lifted bilateral trade close to $100 billion in the past three years. Non-oil, non-precious metals trade currently stands at $55 billion, with a new target of $100 billion set for the next three years. In the first half of 2025 alone, bilateral non-oil trade rose 34% year-on-year to nearly $38 billion.
The two sides also assessed investment projects, including Bharat Mart, a 2.7 million square foot facility in Dubai’s Jebel Ali Free Zone that will enable Indian exporters to showcase products globally. Future cooperation was identified in sectors such as maritime, space, defense and aerospace, data centers, pharmaceuticals, food processing, fisheries, textiles, leather, and home décor. Discussions extended to exploring joint initiatives in Africa and Central Asia, combining India’s skilled workforce with UAE’s financial strength.
Speaking to the media after the meeting, Goyal announced the establishment of an Indian Institute of Foreign Trade campus at the Dubai Expo site, joining the Indian Institute of Technology in Abu Dhabi and the Indian Institute of Management in Dubai. He said the institute would provide advanced training in global trade for both Emirati students and the Indian diaspora.
He also highlighted progress in financial integration, noting that India’s Unified Payments Interface has been rolled out in the UAE and that a bilateral investment treaty, implemented in August 2024, offers enhanced investor protection. The agenda further covered local currency trade, interlinking of payment systems, and cooperation on Central Bank Digital Currencies. Goyal underlined that India-UAE ties are built on trust, shared opportunities, and people-to-people links, with 4.2 million Indians residing in the Emirates. He described the partnership as rooted in innovation, investment, and sustainable growth, predicting significant transformation under the leadership of both countries.
During his visit, Goyal also met Ahmed Jassim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, Abu Dhabi Global Market, and the Abu Dhabi Chamber of Commerce and Industry. Discussions centered on expanding investment opportunities and strengthening institutional collaboration, including cooperation between India’s GIFT City and ADGM.He held talks with Peng Xiao, Group CEO of G42, on artificial intelligence, and with M42 on genomics and healthcare innovation, underscoring the scope for collaboration in advanced technology and life sciences.
At the Abu Dhabi India Business Forum, Goyal emphasized India’s economic resilience and long-term growth ambitions. He noted that India, currently the world’s fourth-largest economy, is projected to become the third-largest by 2027 and aims to grow from a $4 trillion economy to $30–35 trillion by 2047. He cited macroeconomic stability, foreign exchange reserves of over $700 billion, a strong banking system, structural reforms, and investments in infrastructure and innovation as India’s strengths.
Highlighting India’s demographic advantage, with 2.2 million STEM graduates annually and increasing women’s participation in the workforce, Goyal invited UAE partners to leverage India’s talent, startup ecosystem, and policy reforms to enhance supply chain resilience and unlock new opportunities in both economies.
On Friday, the minister will continue his engagements with sector-specific meetings and business interactions, accompanied by one of the largest Indian business delegations to visit the UAE in recent years.