A meeting of the India-UAE High Level Joint Task Force on Investments (Joint Task Force) was held in Abu Dhabi recently, where dignitaries from India and the UAE discussed a range of topics concerning both the countries.

The Indian delegation comprised Ambassador of India to the UAE, Sunjay Sudhir, and senior representatives from various Government of India departments and organisations such as Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of External Affairs, Ministry of Food Processing Industry, Ministry of Ports, Shipping & Waterways, Ministry of Health & Family Welfare, Department of Commerce, Department of Economic Affairs, Department of Revenue, Reserve Bank of India, National Payments Corporation of India (NPCI), Department of Space, and Invest India.

The UAE delegation included Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, Ahmed Jassim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development, Chairman of Abu Dhabi Chamber and Chairman of UAE Chambers, Dr. Abdulnasser Alshaali, UAE Ambassador to India, and Younis Haji Al Khouri, Under-Secretary of UAE Ministry of Finance.

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

Senior officials from relevant government authorities, investment entities and companies from both the countries were present at the meeting, where ongoing initiatives to enhance bilateral investment flows and new areas of joint cooperation were discussed.

The Joint Task Force, established in 2013, is a key forum for strengthening economic ties between India and the UAE. At this meeting, it reviewed a number of current issues and challenges faced by investors of the two countries.

H.H. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of ADIA and Co-Chair of the Joint Task Force, said, “The trade and investment relationship between the UAE and India continues to grow at an impressive rate, anchored by the dual principles of shared goals and joint success. Today’s Joint Task Force meeting included positive progress updates on a number of important initiatives and also raised new areas for future cooperation. Through the ongoing commitment of the Joint Task Force delegations, this forum will continue to play a key role in broadening and deepening the economic partnership between the UAE and India.”

The co-chairs directed their respective teams to work together to resolve problems in operations in a mutually acceptable way. They also recognised the positive momentum of bilateral trade responsible for building and holding together a rapidly evolving global trading landscape.

Minister Piyush Goyal said, “India has been on a remarkable journey as the world’s fastest growing large economy and is committed to inclusive, sustainable, and resilient growth. UAE is an important partner in India’s growth story. The partnership stands on the pillars of innovation, investment and sustainable development and it will witness great transformation under the visionary leadership of both sides.”

The Joint Task Force reviewed the positive progress of several joint investment projects, including the Bharat Mart, a 2.7 million sq.ft. complex located in Jebel Ali Free Zone in the UAE. This project was designed to enable Indian manufacturers and exporters showcase their products to the world.

The two delegations considered the potential for various areas of future cooperation, including opportunities in the maritime and space sectors in India. – editor@nrifocus.com