UAE investors show strong interest in large-scale projects in India: Piyush Goyal

The sovereign wealth funds of the UAE and several industrialists have shown keen interest in large-scale projects in India. Logistics companies are also seeking investment, aiming to reduce costs in India by a quarter. Goyal Said at a press conference held here on Saturday night.

This was part of the discussions at the ninth meeting of the UAE-India High-Level Joint Working Group on Investment Issues held in Dubai on Saturday afternoon. The meeting was chaired by Sheikh Hamid bin Zayed Al Nahyan, member of the Executive Committee of the Emirate of Abu Dhabi and Goyal.

“We are overwhelmed by the excitement of the UAE investing in India,” Goyal said. “We will fast track the investment interest expressed by funds and investors. We are moving from a stage of legacy issues to a stage of significant increase in investment. In fact, we must encourage government agencies to keep up with their investment in India.”

The minister stated that funds and investors are also interested in roads, railways and infrastructure. “Sovereign wealth funds are keen to provide funding for large-scale brownfield investments, and some projects have been launched but not yet completed due to lack of funds,” Goyal said. He said that UAE NBD Bank has been approved by the Reserve Bank of India to open two branches in India.

The working group will meet after 2019. “Since then, India and the UAE have taken swift action to ensure that all decisions have been completed. Now there are very small issues, and we have agreed to establish a common platform for continuous dialogue to eliminate possible small bottlenecks,” Goyal said.

Goyal stated that investors in the UAE appreciate the fact that doing business now is clean and honest. “In fact, a company plans to invest in 25 locations in India to do business. This enthusiasm is contagious,” he said.

The joint working group was established in 2013 and is an important forum to promote economic relations between the UAE and India. The signing of a comprehensive strategic partnership agreement between the two countries in 2017 further strengthened this relationship.

The working group also agreed that the civil aviation authorities of the two countries should ensure the rapid normalization of air transport operations between the two countries.

(The author was invited by Ficci to go to Dubai to participate in the 2020 Dubai World Expo.)