Following the 12th meeting of the India-UAE High-Level Task Force on Investment in Mumbai on Monday, Goyal said that sectors such as data centers, artificial intelligence, renewable energy, and transmission infrastructure are likely to attract substantial investments from the UAE.
Along with Goyal, Sheikh Hamed bin Zayed al Nahyan, managing director of the Abu Dhabi Investment Authority, jointly led the meeting.
The UAE had in 2018 committed to invest up to $75 billion in India. According to Goyal, the total investment is now anticipated to rise to $100 billion, although no specific timeline was given.
"The $75 billion planned investment from UAE to India will fructify to $100 billion in investments across infrastructure, manufacturing, markets and other forms of investment," he said.
Direct equity investments from the UAE currently stand just below $20 billion, with nearly $3 billion invested in the previous fiscal year alone. Over the past five years, the UAE’s annual investment in India, which ranks as the country's seventh-largest investor, has tripled.
Goyal emphasized the advancements made between the two nations since the Comprehensive Economic Partnership Agreement (CEPA) and pointed out that both countries are looking into further opportunities for collaboration.
