The UAE is likely to invest in India’s renewable energy, health, semiconductor and asset monetisation sectors following discussions of officials on a bilateral investment treaty, according to Indian media reports.

The Comprehensive Economic Partnership Agreement (CEPA) between the two countries came into force in May 2022.

In the UAE-India high-level joint task force on investments held in Abu Dhabi on Thursday, officials assessed progress made on creating a mechanism to fast-track Indian investments into the UAE.

India called for strengthening the mechanism, especially for investments in priority sectors such as renewable energy and energy transition, the Mint, an Indian financial daily, reported, citing a ministry statement.

Meanwhile, the Press Trust of India reported that Indian Commerce and Industry Minister Piyush Goyal, who attended the meeting, said the two countries were looking to expand the rupee-dirham trade further.

“We have looked at further expanding the rupee-dirham trade, which has been operationalised with the efforts of the central bank of the UAE and the RBI,” he said.

Goyal added that the airline sector holds a lot of promise for UAE investors as New Delhi was giving a lot of thrust to the travel and tourism sectors.       

(Editing by Brinda Darasha; brinda.darasha@lseg.com)