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Saturday, December 9, 2023

UAE is 4th largest investor in India in FY23


Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met Shri Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles in New Delhi. The two ministers addressed a joint press conference on the successful conclusion of the first meeting of the Joint Committee of the UAE-India Comprehensive Economic Partnership Agreement (Cepa). — WAM

The UAE has become India’s fourth-largest investor in 2022-23, with foreign direct investment (FDI) from the Arab world’s second-largest economy in the South Asian country jumping threefold to $3.35 billion from $1.03 billion in 2021. According to official data.

The UAE became India’s fourth-largest investor in the last fiscal year and seventh in 2021-22, following the signing of the landmark Comprehensive Economic Partnership Agreement (Cepa) between the two countries in 2022 to boost the economy. The Ministry of Development’s Data Industry and Internal Trade (DPIIT) shows.

Singapore was the largest investor in India with US$17.2 billion invested in FY23, followed by Mauritius (US$6.1 billion) and the US (US$6 billion).

Between April 2000 and March 2023, the UAE accounted for about 2.5% of total FDI inflows to India. The total UAE foreign direct investment in India will reach AED56.5 billion by the end of 2022 as the two countries intensify their efforts to build these years. Abdulla bin Touq Al Mari, UAE Minister of Economy, said the mechanisms would increase the amount of mutual investment and diversify it into new areas.

FDI from the UAE to India is mainly focused on renewable energy and telecommunications, road infrastructure, real estate and start-ups, while India’s FDI to the UAE increased to AED 30 billion in 2020. Aside from Cepa, another growth driver for UAE FDI in India is Abu Dhabi’s commitment to invest $75 billion in India’s infrastructure sector over a period of time. The UAE has also pledged to cooperate with India in the field of renewable energy.

According to the “World Investment Report 2022” released by the United Nations Conference on Trade and Development, in the Middle East, the UAE ranks first, accounting for 37% of the region’s total FDI inflows in 2022, reaching US$55.5 billion.

According to a report published by FDI Markets, India ranks among the top five countries in terms of announced FDI projects and estimated source of FDI capital in Dubai. India accounts for 12% of Dubai’s announced FDI projects in 2022. Only the US (20%) and the UK (13%) are ahead of India.

On an annualized basis, India has 78 FDI projects in Dubai in 2021, increasing to 142 by 2022. In value terms, FDI from India will be $545.52 million in 2022, compared to $363.85 million in 2021. With greenfield projects accounting for 77.5%, the industries with the most FDI projects from India to Dubai in 2022 are software and IT services (32%), business services (19%), consumer goods (9.0%), real estate (6.0%) and finance Services (5.0%). From India to Dubai in 2022, the industries with the highest FDI value are consumer goods (28%), software and IT services (20%), communications (19%), pharmaceuticals (8.0%) and business services (8.0%).

Copyright © 2022 Khaleej Times. all rights reserved. Supplied by SyndiGate Media Inc. (Syndicate Information).


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