“India, UAE working to expand investments in various sectors…countries reorienting infra investments to integrate in IMEC corridor”: Piyush Goyal

Piyush Goyal’s UAE Visit Boosts India-UAE Ties in Renewable Energy and Trade

Union Commerce and Industry Minister Piyush Goyal wrapped up a highly productive visit to Abu Dhabi, UAE, where he highlighted the strong and growing partnership between India and the UAE. Speaking at a press conference, Goyal shared that the two nations are set for major advances in key areas like renewable energy, shipbuilding, pharmaceuticals, and retail. He emphasized how this collaboration mixes traditional sectors with cutting-edge ones, paving the way for exciting future growth.

Goyal pointed out that many UAE investments now factor in the India-Middle East-Europe Economic Corridor (IMEC), a major initiative launched at the 2023 G20 Summit under India’s leadership. Leaders from India, the European Union, France, Germany, Italy, Saudi Arabia, the UAE, and the US signed an MoU to build this corridor, which aims to connect economies and boost infrastructure. "Every country in the IMEC chain is reorienting their investments to fit into this corridor," Goyal said, showing how the UAE keeps IMEC in mind for its planning.

The visit included a key meeting of the India-UAE High Level Joint Task Force on Investments, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA). Set up in 2013, this task force helps strengthen economic ties by discussing investment opportunities, resolving investor challenges, and promoting mutual benefits. The latest session covered trade boosts, new cooperation areas, and progress since the India-UAE Comprehensive Economic Partnership Agreement (CEPA) kicked off in May 2022.

Bilateral non-oil trade has surged impressively—reaching nearly $38 billion in the first half of 2025, up 34% from the same period in 2024. This puts the UAE on track for its 2030 trade goals with India. Goyal called CEPA a "cornerstone" of their alliance, making market access easier and encouraging private-sector teamwork in a fast-changing global trade scene.

A big highlight? Bharat Mart, a massive 2.7 million square feet complex in Dubai’s Jebel Ali Free Zone. It’s designed to help Indian manufacturers and exporters showcase products worldwide. Tendering has begun, construction starts later this year, and it should be up and running by early 2027. Over 9,000 companies have already shown interest, signaling huge potential for India-UAE trade.

Goyal also touched on free trade agreements (FTAs). India is in advanced talks with Oman and welcomes similar deals with other Gulf Cooperation Council (GCC) countries. On the financial side, the task force discussed using local currencies for trade, linking payment systems, and advancing Central Bank Digital Currencies. Both sides praised the progress and aim to wrap up implementations soon.

Looking ahead, the duo explored opportunities in maritime and space sectors, plus green energy where the UAE shows strong interest. Goyal wrapped up by calling the UAE a vital partner in India’s growth story as the world’s fastest-growing large economy. "Our partnership rests on innovation, investment, and sustainable development, and it will transform under visionary leadership from both sides," he said.

Sheikh Hamed echoed this, noting the task force’s role in deepening ties through shared goals and joint success. As India pushes for inclusive, sustainable growth, these India-UAE investments and collaborations promise even brighter prospects in renewable energy, pharmaceuticals, and beyond.

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