Union Minister Piyush Goyal announced on Monday that India and the UAE would establish a food corridor with an expected $2 billion investment.
The corridor would serve the UAE market as well as others and assist Indian farmers generate more revenue and jobs.
Goyal, the Minister of Commerce and Industry, announced at a press conference held as the 12th meeting of the India-UAE High-Level Task Force on Investment that a small working group consisting of the UAE, state governments, and the central government has also been established to advance the establishment of a food corridor between the two nations on a mission mode basis.
“The investment comes through two mediums. One is directly from the UAE, which is in the region of about $20 billion, but they are also co-investing through several other funds across the world,” said Goyal.
A working committee comprising the UAE, the central government, and the participating state governments was established to accelerate the initiative, which Goyal claims will boost farmer incomes and generate jobs in food processing for India’s youth.
Additionally, it is believed that the project is essential to guaranteeing the UAE and the Gulf region a steady supply of agricultural products.
With the implementation of the bilateral investment treaty (BIT), which was signed in August, it is anticipated that the UAE will invest more in India.
India-UAE Food Corridor
Goyal declared that the United Arab Emirates will supply a free site for the Invest India office in Dubai, with an emphasis on advancing commerce, investment, and technology.
India will provide space in New Delhi for the UAE’s corresponding office in exchange.
The corridor offices are anticipated to improve economic cooperation between the two nations by reducing investment procedures and acting as a single point of contact for information and approvals.
Goyal also declared that the Indian Institute of Foreign Trade (IIFT) will open its first campus outside of India, in the United Arab Emirates, as part of the expanding partnership.
The facility will host classes at the old Dubai Expo Pavilion, which India has since taken over. This comes after the campus opening of the IIT in Abu Dhabi the previous year.
Date : 21 to 25 Oct 2024 (5 Days)
Time : 07:00 PM – 10:00 PM
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