Abu Dhabi [UAE], September 19 : Terming his visit to UAE "very constructive", Union Commerce and Industry Minister Piyush Goyal has said the relationship between the two countries is poised for another big leap of faith in the coming years and the two countries are collaborating in a range of areas, including renewable energy, ship building and pharmaceuticals.
Goyal, who addressed a press conference here, said a lot of the investments that are happening in UAE are also keeping the IMEC at the back of their planning process.
"It was a very constructive visit. I go back convinced that the relationship is poised for another big leap of faith in the years to come....We have reset our targets and are actively working to rapidly grow investments across various sectors. We are collaborating with the UAE in renewable energy, ship building, pharmaceuticals, retail and other sectors," he said.
The Minister said that "green energy, renewable energy" is an area where the UAE is very keen to look at investments.
"It's a partnership between UAE and India, which is both in traditional sectors and very futuristic sectors. I could see that a lot of the investments that are happening in UAE are also keeping the IMEC at the back of their planning process....Every country in the IMEC chain has started reorienting their infrastructure investments in a manner that could ultimately integrate into the IMEC corridor," he added.
IMEC initiative was launched during the G20 Summit under India's leadership in 2023. The leaders of India, European Union, France, Germany, Italy, Saudi Arabia, UAE and US had announced an MoU, committing to work together to develop a new India-Middle East-Europe Economic Corridor (IMEC).
Answering a query, Goyal said India is open to free trade agreements with GCC countries.
"As of now, we are at an advanced stage of dialogue with Oman (on FTA), which should conclude soon. Some of the other countries have expressed an interest. Surely we are open to free trade agreements with other GCC (Gulf Cooperation Council) countries," he said.
He also spoke of Bharat Mart, a 2.7 million square feet complex located in Jebal Ali Free Zone in the UAE.
"Bharat Mart tendering has started and work is expected to start later this year. By early 2027, we expect to see Bharat Mart operational. 9000 plus companies have shown expression of interest in it," he said.
Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority ("ADIA"), co-chaired the latest meeting of the India-UAE High Level Joint Task Force on Investments in Abu Dhabi on Thursday.
The Joint Task Force was established in 2013 as a key forum for strengthening economic ties between India and the UAE. Since its formation, it has provided an effective mechanism to discuss and promote opportunities and prospects for further investments in India and the UAE, while acting as a forum to resolve issues and challenges faced by investors of the two countries, seeking to bring these matters to a mutually beneficial conclusion.
This latest meeting considered a range of trade and investment topics, including ongoing initiatives to enhance bilateral investment flows and new areas of joint cooperation.
The Co-Chairs recognised the positive momentum of bilateral trade which continues to build following the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in May 2022.
In the first half of 2025, bilateral non-oil trade reached nearly US$38 billion, representing a 34% increase compared to the first half of 2024 and a significant step towards the UAE's 2030 trade targets.
By facilitating market access and private-sector collaboration, the India-UAE CEPA serves as a cornerstone of the UAE and India's economic alliance and a model for constructive cooperation in a complex and rapidly evolving global trading landscape.
The Joint Task Force reviewed the positive progress of several joint investment projects, including the Bharat Mart, a 2.7 million square feet complex located in Jebal Ali Free Zone in the UAE. Designed to enable Indian manufacturers and exporters to showcase their products to the world, this landmark project reflects the economic synergies between the two nations.
The two sides considered the potential for various areas of future cooperation, including opportunities in the maritime and space sectors in India.
Ongoing strategic initiatives between the Central Banks of India and the UAE to enable bilateral trade in local currencies, the integration of payment systems in the two countries and cooperation on Central Bank Digital Currencies were also discussed, with both sides commending the strong progress made to date while reiterating their commitment to finalising their implementation in the near future.
The Joint Task Force reviewed a number of current issues and challenges faced by investors of the two countries.
The Co-Chairs directed their teams to work together, in collaboration with the relevant government entities, to resolve them in a timely and mutually acceptable manner.
"The trade and investment relationship between the UAE and India continues to grow at an impressive rate, anchored by the dual principles of shared goals and joint success. Today's Joint Task Force meeting included positive progress updates on a number of important initiatives and also raised new areas for future cooperation. Through the ongoing commitment of the Joint Task Force delegations, this forum will continue to play a key role in broadening and deepening the economic partnership between the UAE and India," Sheikh Hamed bin Zayed Al Nahyan said at t he conclusion of the meeting.
Goyal said India has been on a remarkable journey as the world's fastest growing large economy and is committed to inclusive, sustainable, and resilient growth.
"UAE is an important partner in India's growth story. The partnership stands on the pillars of innovation, investment and sustainable development and it will witness great transformation under the visionary leadership of both sides," he said.