New Delhi: Union Commerce and Industry Minister Piyush Goyal has said that the United Arab Emirates (UAE) is keen to invest in India in a big way. The UAE's Sovereign investment fund Abu Dhabi Investment Fund (ADIA) is looking at big ticket investments in India's infrastructure.
Goyal said this in an exclusive interaction with ABP News.
The government has already started formal negotiations for a Comprehensive Economic Development Agreement (CEPA) to tap global opportunities together, in a bid to boost bilateral trade.
The Indian government is also working on removing all road blocks from the proposed $75 billion investment commitments from the UAE government.
India is the UAE’s third largest trading partner with $60 billion, after China and the US. The UAE is the second largest export destination of India (after the US) with a value of nearly $29 billion for the year 2019-20.
For the UAE, India is the second largest trading partner for 2019 with an amount of around $41.43 billion (non-oil trade), as per figures released by the Indian missions in the country.
'$5 trillion economy is a bold ambition'
Earlier, addressing the Institute of Chartered Accountants of India's Dubai Chapter during his visit to the UAE, Goyal said India is making a resurgent stride towards a $5 trillion economy, and that the country is set on a path to become Aatmanirbhar and is taking bold reforms.
“Under PM Modi, we are seeing rise in Economic indicators despite pandemic. India’s merchandise exports in the first half of FY2020-21, viz Apr-Sep, 2021, notched up to $197.11 bn, recording 23.8% increase over Apr-Sep’19. Manufacturing PMI avg. improves to 53.8 (Q2) from 51.5 (Q1) while GST collections have hit a 5-month high in Sept,” the minister said.
Stating that $5 trillion economy is a bold ambition, Goyal said every Indian has to contribute in making it possible.
“De-risking economy by ensuring transparency in financial sector, Strengthening national initiatives such as Digital India, Skill India and inculcating financial literacy of common man esp. farmers & MSMEs are steps to boost investor confidence in the Indian economy,” he said.
Goyal said the India-UAE partnership "will be a driving force in our mutually beneficial ties".