ABU DHABI, 5th October, 2018 (WAM) – Today, the joint high-level UAE-India Investment Working Group held its eleventh meeting in Abu Dhabi, co-chaired by His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority, and His Excellency Piyush Goyal, Minister of Commerce, Industry and Social Affairs. Consumer, Food, Public Distribution and Textiles Government of India.
During the meeting, the progress achieved in implementing the Comprehensive Economic Partnership Agreement between the UAE and India was reviewed, which entered into force in May 2022, inaugurating a new era of cooperation and laying strong foundations for cultural, political and economic relations between the two countries. The partnership agreement also contributed to reducing customs duties on more than 80% of goods, removing technical obstacles to trade, and opening new horizons for investment and establishing joint projects.
Preliminary data indicate that during the first 12 months of the entry into force of the Partnership Agreement, the value of non-oil bilateral trade between the two countries amounted to 50.5 billion US dollars, an increase of 5.8 percent compared to the same period last year, which confirms that the two countries are moving rapidly towards achieving Targeting to reach non-oil trade between them to 100 billion US dollars by 2030.
During the meeting, the two delegations of the joint working group reviewed the course of negotiations on the bilateral investment agreement between India and the UAE, reiterating the need to accelerate the pace of bilateral talks in order to conclude a balanced agreement as soon as possible, so that it brings good and benefit to the two countries and their investors.
The two sides discussed providing the necessary means and incentives to enhance investment flows by UAE sovereign investment entities to India.
In this context, the Indian side presented potential investment opportunities in India in priority sectors such as renewable energy, health, semiconductors, and asset monetization.
The two sides also discussed the progress made in establishing the “Fast Track Mechanism” office to facilitate Indian investments in the UAE. In this regard, the Indian side requested further strengthening of this mechanism, especially with regard to facilitating investments in priority sectors such as renewable energy and energy transformation. The two sides agreed to use the fast-track mechanism to create a more competitive atmosphere that is more capable of accommodating the participation of the private sector in each country and providing it with all opportunities to expand its activities in the markets of the other country.
On the other hand, the two sides discussed in their talks the “Startup Bridge between the UAE and India” project, which is a joint initiative between the UAE Ministry of Economy and the Indian Ministry of Commerce and Industry that aims to provide a comprehensive platform that provides training courses for startup companies and allows its members the opportunity to exchange information and experiences on important topics related to… The rules and laws for entering local markets, investment funds, venture capital, business incubators, and the general state of the business climate in the two countries.
Another important issue discussed at the meeting was the establishment of the “Virtual Trade Corridor” between Abu Dhabi and India, which aims to increase the volume of total trade by developing data exchange systems to facilitate the exchange of information and documents related to paperless trade between the two countries, which contributes to enhancing levels of efficiency and security. The two sides agreed to continue coordination and cooperation between the concerned parties in both countries in order to implement this important stage as quickly as possible.
The co-chairs of the joint working group were also briefed on the progress of work on key projects, including investments related to the Food Corridor project in India, which was agreed upon during the I2U2 Forum, to serve as a powerful tool in addressing food security challenges, with the aim of enhancing the supply of basic foodstuffs. And creating food supply chains between the two countries, so that they are diverse, flexible, and able to adapt to global crises.
The joint working team praised the progress made in the Abu Dhabi Investment Authority’s plans to be present in the “Gujarat International Finance Tech City” (Gift City), a free financial zone in the Indian state of Gujarat, with the aim of facilitating the UAE’s future investments in India. The Indian side invited other UAE sovereign wealth funds to follow the example of the Abu Dhabi Investment Authority in establishing a strong presence and activity in India.
It is noteworthy that the joint working group was established in 2013 with the aim of strengthening trade, investment and economic relations between the UAE and India. It serves as an effective communication channel to facilitate the possibility of examining investment opportunities and prospects in the two countries, monitor all obstacles facing investors in each country, and work to remove them.
Since its establishment, the Joint Working Group has been an active body in the process of identifying and resolving problems faced by Emirati and Indian companies that wish to invest in both countries.
The two sides discussed the outstanding issues related to investment projects and agreed on the need to expedite the resolution of all difficulties and obstacles faced by investors. Each co-chair directed his team to continue cooperation and work together and in coordination with the relevant government agencies to address and resolve these issues quickly and in a manner satisfactory to both parties.
The meeting was attended by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Khaled Mohammed Al Amma, Governor of the Central Bank of the United Arab Emirates, along with a number of senior officials from government agencies and investment bodies in both countries.
On the other hand, the joint work team witnessed the signing of a memorandum of understanding between the Ministry of Industry and Advanced Technology in the UAE and the Ministry of Commerce and Industry in the Republic of India for cooperation in the fields of industry and advanced technology, especially the fields of space, health care, renewable energy, artificial intelligence, and others.
The two sides seek to mobilize their efforts to develop an institutional framework to support bilateral cooperation efforts, given the crucial role that advanced industries and technology play in achieving development and economic diversification.
Another agreement was also signed between Al-Etihad Payments Company, a subsidiary of the UAE Central Bank, and the National Payments Company of India.
The agreement aims to establish a strategic partnership to develop the “local payment card system” in the UAE. This system represents one of the basic pillars of the UAE Central Bank’s financial infrastructure transformation program, which aims to enhance the country’s leadership role in the field of digital financial infrastructure globally.
The system will be the first unified, secure and effective platform for payment cards in the UAE, which will contribute to accelerating its transformation towards adopting the digital economy by supporting the growth of e-commerce, providing consumers with offers specifically designed to meet their needs, making financial services available to various segments of society, and reducing payment costs.
On the occasion of holding the meeting and signing the agreements; His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority, and Co-Chairman of the Joint Working Group affirmed the working team’s endeavor to continue to join hands and combine efforts to ensure the development of this partnership and make it stronger and more successful over time, expressing his confidence that the activities of the joint working team will play a pivotal role. In maintaining the momentum of trade and investment relations between India and the UAE and ensuring their continued prosperity, and working to explore new opportunities for areas of cooperation between the two countries.
For his part, His Excellency Piyush Goyal, Minister of Commerce, Industry, Consumer Affairs, Food, Public Distribution and Textiles in the Government of India, and Co-Chair of the Joint Working Group, said: At the conclusion of this successful round of joint working group meetings, I can say that through our discussions we were able to cover many of the key aspects in question. Shared interest. We also reviewed the current bilateral cooperation mechanisms and worked to strengthen them, and discussed ways to open new horizons for fruitful future partnerships.
He added that the Indian government reiterates that it is fully aware of the importance of food security for the UAE, and that it is fully prepared to provide all necessary forms of support in this file. He said that the progress made in the food corridor project was beginning to gain great importance as its first features became clear.
He pointed to the partnership agreement between the Indian National Payments Company and the UAE Central Bank to develop a local system for payment cards in the UAE similar to the Indian RuPay card system, which is one of the main stations in the process of economic relations between the two countries.
He expressed his confidence that the existing partnership between the UAE and the Republic of India will go far in the path of success to become a symbol of successful and fruitful partnerships between countries.
2023-10-05 12:58:00
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