India and the United Arab Emirates (UAE) may collaborate on constructing infrastructure initiatives in foreign nations, as per Union Minister Piyush Goyal.
In a significant move, the 13th meeting of the UAE-India High-Level Joint Task Force on Investments is underway in Abu Dhabi, with a focus on strengthening the economic partnership between the two countries. Union Minister Piyush Goyal is co-chairing the meeting, while Hamed bin Zayed Al Nahyan, Managing Director of ADIA, is also participating.
The UAE, one of India's most important strategic partners, and India are planning to jointly develop infrastructure projects in third countries, specifically focusing on mining and housing. This initiative leverages India's technological capabilities, skilled youth, and the UAE's investment prowess.
The areas of trade expansion include textiles, home decor, the entire chain, fisheries, leather and leather goods, food processing, and pharmaceuticals. The India-UAE Comprehensive Strategic Partnership is expanding across multiple sectors, including trade, technology, energy, defence, and food security.
India and the United Arab Emirates have jointly selected several third countries such as Egypt, Ethiopia, Iran, and Indonesia, among others, for the development of infrastructure projects in mining and housing. These countries are part of the extended BRICS plus group which India and UAE cooperate with in various sectors including infrastructure.
The UAE-India partnership has a focus on areas such as textiles, fisheries, pharmaceuticals, home decor, the entire chain, leather and leather goods, food processing, and other related sectors. Piyush Goyal emphasized that there is no competition between India and the UAE, but a mutual support system fostering growth.
The Comprehensive Strategic Partnership between the UAE and India is based on deep political engagement, robust economic integration, and collaboration across various sectors. A notable development is the UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council launching the Start-up Series. The initiative received applications from over 10,000 Indian entrepreneurs in just 50 days.
The two partners aim for the next growth leap in their partnership. The UAE-India partnership is not just about trade and investment, but about fostering a mutually beneficial relationship that contributes to the growth and development of both nations.
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