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Overview of Commerce & Industry Minister Piyush Goyal 2 day visit to UAE (Sep 21 & 22, 2019)

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The Union Minister of Railways and Commerce & Industry, Shri.Piyush Goyal has made a two-day visit to UAE (United Arab Emirates) from 21st – 22nd September 2019 for the meeting of the 7th India-UAE High Level Task Force on Investment (HLTFI).Piyush Goyal 2 day visit to UAE

Goyal addressed the 7th India-UAE high level task force on investment (HLTFI) meeting 2019
Piyush Goyal has co-chaired the 7th India-UAE High Level Task Force on Investment 2019 held in Abu Dhabi, UAE with his highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director(MD) of Abu Dhabi Investment Authority (ADIA) and Crown Prince Court of Abu Dhabi .
Key points:
i. Aim :
The aim of the meeting is to review & maintain the significant progress made in enhancing bilateral trade relations and investment between the two countries.
ii. Review: The meet reviewed and raised satisfaction on various achievements and areas of progress made by the task force since its inception in the year 2012, including,

  • Signing of a bilateral agreement for the promotion of investments and its protection, which is now being renegotiated as a Bilateral Investment Treaty (BIT).
  • The contribution of UAE to India’s strategic petroleum reserve,
  • The participation of ADIA in India as the first foreign institutional investor (FII) in National Infrastructure Investment Fund (NIIF).
  • The better progress being made in addressing the stock of issue of UAE investment firms for the purpose of the foreign investment limit in Indian listed companies.

iii. The two sides discussed the future cooperation in the areas of growth opportunities for Indian banks, asset managers, private banks and technology companies at ADGM (Abu Dhabi Global Market). They also appreciated the functioning of ‘UAE PLUS’ special desk & the ‘Fast Track Mechanism’, which was formed at the 6th HLTFI to promote  & resolve issues relating to UAE Investments into India.
iv.  HLTFI: It was established in May 2012 as a key forum to promote economic ties between the UAE and India.

Goyal unveiled design of India Pavilion for World Expo 2020
Piyush Goyal  has unveiled the design of the India Pavilion for ‘Dubai Expo 2020’, in Dubai, UAE and hailed the recent tax measures as a leap towards making India a hub of investment. He also visited the site of the ‘Dubai Expo 2020’ and took stock of the preparations.
Key points:
. The expo will be hosted by Dubai Exhibition Centre, Dubai in the United Arab Emirates (UAE) opening on October 20, 2020 up to 10th April 2021 with the theme of connecting minds, creating the future with three sub themes include Opportunity, Mobility and Sustainability.
ii.  India Pavilion to be a Permanent Showcase for the Country in Dubai and is being constructed in the ‘Opportunity’ segment. It showcases the entertainment industry, the hospitality and tourism sector, cultural diversity of India among others and will have stalls displaying Indian handlooms. It will also showcases 150th Birth Anniversary of Mahatma Gandhi being celebrated in 2019.
iii. This is in line with opportunity for economic activity and it provides India a path to achieve $5 trillion economy by 2025.

India will invest Rs 230 crore in World Expo pavilion
India will invest Rs 230 crore to build the India Pavilion at the World Expo 2020, of which Rs 200 crore will be raised for construction, curation, interiors, maintenance and security from participation charges, publicity and sponsorships.
Key points:
In order to showcase India’s advances in space, pharmaceuticals, information technology, renewable energy ,telecom sectors & innovation in space, 27 focus sectors have been identified.
ii. Background: For setting up of India’s pavilion on an extra-large plot (about one acre) in the World Expo, which held once in 5 years, India and World Expo 2020 signed participants contract on 10th April 2018.
iii. National Buildings Construction Corporation Ltd. (NBCC) of Delhi got the project to  build the Pavilion & Federation of Indian Chambers of Commerce and Industry(FICCI) will help the Government to prepare for Indian presence at the Expo.

Goyal meets Sultan Ahmed Bin Sulayem Group Chairman & CEO, DP World, UAE
Piyush Goyal met Sultan Ahmed Bin Sulayem, Group Chairman & CEO, DP World, UAE for boosting investment in India’s logistics and infrastructure sector. He also held brief discussion with fund managers from the Indian diaspora in UAE, to promote investment in India and strengthen economic relation between the two countries.

About UAE:
: Abu Dhabi
Currency: United Arab Emirates dirham
President : Khalifa bin Zayed Al Nahyan
Prime Minister : Mohammed bin Rashid Al Maktoum