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India has established a significant objective to elevate its aggregate exports of goods and services from 863 billion dollars in the prior year to one trillion dollars this year. Union Minister of Commerce and Industry Piyush Goyal noted that merchandise exports have increased by more than 15% during the initial six months of the current financial year, notwithstanding global headwinds.
Mr. Goyal stated that trade between the nations has doubled to approximately 100 billion dollars under the India-UAE Comprehensive Economic Partnership Agreement. The countries are now targeting a level of 200 billion dollars by 2032. The minister noted that the UAE has already committed roughly 25 billion dollars in investment to India and signaled an intention to allocate an additional 25 billion dollars shortly, with a long-term investment objective of 100 billion dollars. Mr. Goyal added that collaboration is broadening across sectors including space technology, shipbuilding, food security, agri-innovation, logistics, artificial intelligence, energy security, and fintech.
Regarding the food sector, he noted that enhanced cooperation will provide Indian farmers with a guaranteed market and foster employment opportunities for young people and MSMEs within processing, packaging, and exports. India's food and marine product exports already surpass five lakh crore rupees. The Minister further emphasized the increasing traction of the “One District One Cuisine” initiative, stating the government's intention to broaden its national reach.
Within the space industry, attention was drawn to the achievements of Indian private sector startups, noting the distinction of one company being the first private entity to successfully launch a rocket on its inaugural mission, advancements in satellite production, and initiatives focused on orbital debris remediation technology.
Efforts to bolster energy security are underway, incorporating feasibility studies for expanding strategic petroleum reserves, facilitated by support from the UAE. Investigations are also focused on augmenting supplies of liquefied natural gas (LNG) and liquefied petroleum gas (LPG), alongside assessments of potential subsea gas pipeline infrastructure.
Within the maritime domain, Mr. Goyal indicated that a framework of six collaborative areas has been established, encompassing modernized port infrastructure, shipbuilding, vessel repair, and container fabrication. He noted the formation of a specialized working group to be directed by India’s Ministry of Ports, Shipping and Waterways. India’s port capacity, which has seen a twofold increase over the past decade, is projected to require another doubling, with the UAE anticipated to serve as a significant investor.
The Minister highlighted the swift expansion of UPI adoption within the UAE. Forthcoming collaboration will emphasize cybersecurity protocols, AI-driven financial services, and promising startups, attracting potential investment from the UAE. Mr Goyal stated that the India-UAE FTA, finalized in fewer than 90 days, establishes a global precedent and underscores the robust confidence between the two nations.
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