The United Arab Emirates is looking to invest an additional USD 25 billion in India in the near future, while the two countries are working to double bilateral trade to USD 200 billion by 2032, Commerce and Industry Minister Piyush Goyal said on Monday.
Addressing the media after the 14th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) in Mumbai, Goyal, Co-Chair of the HLJTFI, said, “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. Today’s Joint Task Force meeting showcased positive progress under many initiatives and deliberated 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.”
The meet was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA). Discussions focused on accelerating the economic partnership and leveraging the CEPA framework to expand investment and build resilient supply chains.
The HLJTFI was established in 2013 to promote trade, investment and economic ties between India and the UAE and serves as a mechanism for discussing investment opportunities and resolving issues faced by investors from both countries.
The meeting reviewed the progress of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), ongoing joint investment projects and opportunities for expanding two-way investment flows. The two sides also discussed ways to strengthen trade resilience amid an increasingly complex geopolitical and economic environment.
Bilateral trade reached USD 101.25 billion in FY 2025-26, while non-oil trade stood at USD 76.2 billion in 2025. India and the UAE are working towards their shared target of increasing bilateral trade to USD 200 billion by 2032.
Goyal said the UAE has already invested around USD 25 billion in India and is the country’s seventh-largest source of foreign direct investment. The two sides are working towards an eventual UAE investment target of USD 100 billion in India, with another USD 25 billion in investment intent expected in the near future.
The minister said the UAE is exploring opportunities in sectors including ports, shipbuilding, space, startups and India’s stock market, while India continues to offer opportunities across energy, infrastructure, logistics, advanced technology, artificial intelligence and food security.
Investment projects and financial cooperation
The Joint Task Force reviewed progress on several joint investment projects, including the Food Park project in Gujarat. The two sides noted that the Invest India office in the UAE is expected to become operational before the end of 2026.
The meeting also took note of recent UAE-linked investments, including Emirates NBD’s approximately USD 3 billion acquisition of a majority stake in RBL Bank, International Holding Company’s USD 1 billion investment in Sammaan Capital, and a joint investment intent of USD 11.5 billion for establishing an integrated aluminium complex in Odisha.
The two sides also welcomed the opening of branch offices of Mashreq Bank, First Abu Dhabi Bank (FAB) and Abu Dhabi National Insurance Company (ADNIC) in Gujarat International Finance Tec-City (GIFT City).
Financial-sector cooperation was another key area of discussion. The two sides reviewed work by the central banks of India and the UAE on local-currency settlement, integration of payment and messaging systems and central-bank digital currencies. They agreed to take steps to support the timely implementation of these initiatives, which are aimed at making bilateral trade and investment more efficient and resilient.
India and the UAE also reviewed energy cooperation under agreements signed during Prime Minister Narendra Modi’s visit to the UAE in May 2026.
India explores greater UAE role in energy security
India is exploring the UAE as a key source of liquefied natural gas (LNG) and liquefied petroleum gas (LPG), while also examining ways to expand strategic petroleum reserves, Goyal said.
The discussions build on agreements announced during Prime Minister Narendra Modi’s May 2026 visit, covering crude oil storage, strategic reserves, LNG and LPG infrastructure and long-term LPG supply arrangements.
Indian Strategic Petroleum Reserves Ltd (ISPRL) and Abu Dhabi National Oil Company (ADNOC) have signed a strategic agreement under which the UAE could store up to 30 million barrels of crude oil in India’s strategic petroleum reserve facilities. Potential storage locations include Visakhapatnam in Andhra Pradesh and Chandikhol in Odisha.
The two sides are also examining the possibility of storing part of India’s strategic crude reserves in Fujairah, a major UAE oil hub located outside the Strait of Hormuz. The proposed arrangements are aimed at strengthening supply-chain resilience and providing greater flexibility in managing energy inventories during periods of geopolitical uncertainty.
Focus on ports and maritime cooperation
The UAE is also expected to play a significant role in India’s expanding maritime infrastructure. Goyal said India would need to double its port capacity over the next decade to support economic growth, creating opportunities for UAE investment in new and expanded ports.
Projects such as Vadhavan in Maharashtra and port development along India’s eastern and western coasts were identified as areas with potential for cooperation.
India and the UAE have identified six areas for deeper maritime collaboration – ship ownership, development of modern ports, ship manufacturing, ship repair and maintenance, shipbreaking and container manufacturing. A working group will be established for these areas, with India’s Ministry of Ports, Shipping and Waterways leading the engagement from the Indian side.
Civil aviation cooperation between Abu Dhabi and India was also discussed, including efforts to enhance air connectivity. The two sides also explored investment opportunities in developing an aviation and logistics hub at Dholera in Gujarat.
Trade, exports and CEPA
The two sides reviewed the functioning of CEPA and the work of its relevant subcommittees, with discussions focused on reducing barriers, opening new sectors and strengthening trade resilience.
Goyal said CEPA, which is now four years old, has contributed to the expansion of bilateral trade. He said India and the UAE were looking to build on the agreement to create more opportunities for businesses and investors.
India recorded USD 863 billion in goods and services exports last year and has set a target of reaching USD 1 trillion this year. Goyal said merchandise exports increased by more than 15 per cent during the first six months of FY 2026-27 up to September 21.
He also said India-UAE trade conducted in local currencies had reached double-digit levels, with both sides looking to expand it further.
Technology, startups and food security
The delegations identified several sectors with potential to increase two-way investment flows, including energy, industry, logistics, infrastructure, technology, artificial intelligence, space, food security, agricultural innovation and the startup ecosystem.
Goyal said India and the UAE were seeking to leverage the CEPA framework not only to expand trade but also to build resilient supply chains and facilitate investment in emerging sectors.
The two sides also noted the role of the UAE-India Fast Track Mechanism in resolving outstanding issues affecting UAE investments and companies in India, as well as Indian investments and companies in the UAE. They agreed to take steps to facilitate the timely resolution of pending issues.
Stronger partnership
The high-level engagement follows a series of exchanges between the two countries, including Modi’s visit to the UAE in May 2026 and the visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohammed bin Zayed Al Nahyan to India in September 2026.
Commenting on the meeting, Goyal said India’s partnership with the UAE was poised for significant transformation through investment, innovation, development and cooperation.
“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,” he said, adding that the Joint Task Force had showcased progress on several initiatives and discussed future avenues of cooperation.
Sheikh Hamed bin Zayed Al Nahyan said the Joint Task Force had, since its establishment in 2013, provided a platform for dialogue, practical problem-solving and advancing shared economic priorities.
The meeting concluded with the co-chairs acknowledging the contribution of ambassadors, officials and technical teams in advancing the work of the Joint Task Force and strengthening the India-UAE economic partnership.
