‘Govt to open Invest India office in Dubai for UAE investments’

Mumbai: The government has decided to open an office of Invest India in Dubai to serve as a dedicated point of contact for potential UAE investors seeking to invest in India, Union Minister for Commerce and Industry Piyush Goyal said on Monday.

Goyal, who was addressing the media after the 12th meeting of India-UAE High-Level Task Force on Investment held here, also announced that the first overseas campus of the Indian Institute of Foreign Trade (IIFT) will be set up in Dubai, which will be a boon for the 3.5 million-strong Indian community residing in the UAE.

During the meeting, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, the two sides reviewed progress on several key initiatives and expressed satisfaction at the rapid pace of

implementation.

These initiatives include bilateral trade in local currencies, the integration of payment systems of India and the UAE, cooperation on Central Bank Digital Currencies, the launch of work relating to a Virtual Trade Corridor and the development of a food park in Ahmedabad.

“India-UAE partnership stands on the pillars of innovation, investment and sustainable development. The Joint Task Force meeting today was useful to take stock of all the laudable initiatives that India and the UAE have jointly undertaken, such as local currency settlement, virtual trade corridor, Bharat Mart, and so on,” Goyal said.