UAE to invest $100bn in India

The UAE has pledged to spend $100 billion in India across a variety of sectors, according to Piyush Goyal, India’s commerce and industry minister. The announcement was made by Goyal at the India-UAE Economic Partnership Summit in Mumbai.

“The commitment from the UAE is to look at over $100bn of investment to India in different sectors such as manufacturing, infrastructure, services,” noted Goyal during the launch of the “India-UAE Start-up Bridge”. Both countries have a trade agreement in place. Abdulla Bin Touq, the UAE’s Economic Minister, was present at the ceremony.

The Comprehensive Economic Partnership Agreement (CEPA), as it is known, was signed in February and took effect on May 1. Goya said the CEPA will usher in a “golden era in our economic ties.” in a tweet on Friday.

On Wednesday, Bin Touq began a four-day tour of India. He landed in New Delhi with a group of 80 trade reps.