India-UAE Investment MEET
#GS2 #BilateralRelations #ForeignPolicy
Recently, the eighth meeting of the India-UAE High-Level Joint Task Force on Investments has been virtually hosted by India in the wake of the ongoing pandemic.
- The Joint Task Force was created in 2012 as a crucial forum for further deepening the economic ties between the UAE and India.
- The mechanism has assumed greater importance as the two countries signed the Comprehensive Strategic Partnership (CSP) Agreement in January 2017 and the Joint Task Force is an integral component of it.
- The focus areas underlined in the CSP were economy with emphasis on a two-way flow of investments, counter-terror cooperation and defence ties.
- India has signed CSPs with the UK, Indonesia, Vietnam and Australia.
- At the meeting, both sides reviewed the existing UAE Plus and the Fast Track Mechanism created in 2018.
- UAE Plus is a special and dedicated desk constituted under Invest India with Arabic speaking officials to help facilitate investments.
- The Fast Track Mechanism aims to resolve any challenges experienced by UAE investors in India.
- India and the United Arab Emirates (UAE) enjoy strong bonds of friendship based on age-old cultural, religious and economic ties between the two nations.
- The relationship flourished after the accession of H.H. Sheikh Zayed Bin Sultan Al Nahyan as the Ruler of Abu Dhabi in 1966 and subsequently with the creation of the UAE Federation in 1971.
- In August 2019, UAE awarded ZAYED Medal, their highest civilian award, to the Prime Minister of India for consolidating the long-standing friendship and joint strategic cooperation between the two nations.
- Indian Prime Minister’s visit to the UAE in August 2015 marked the beginning of a new and comprehensive and strategic partnership.
- The Crown Prince of Abu Dhabi visited India in February 2016 and had wide-ranging discussions on bilateral, regional and multilateral issues of mutual interest.
- India-UAE trade was around USD 59 billion making UAE, India’s third-largest trading partner for the year 2019-20 after China and the USA.
- The UAE is the second-largest export destination of India with an amount of over USD 29 billion for the year 2019-20.
- India’s Major Exports: Food items, Machinery, Gems and Jewellery, Textiles, Engineering and Machinery Products, Chemicals, etc.
- India’s Major Import: Crude Oil, Petroleum and Petroleum Products, Precious Metals, Minerals, Chemicals, Wood and Wood Products.
- The UAE is home to the Indian expatriate community of more than 2.6 million, the largest expatriate community in the UAE, which has played a major role in the economic development of the UAE.