MoC : India seeks investments from ADIA, Mubadala for renewable, digital sectors

India has sought investments from Abu Dhabi Investment Authority and sovereign investor Mubadala in various areas, including renewable and digital sectors, an official statement said on Monday.

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh, who is in the UAE, held meetings with the senior leadership of Abu Dhabi Investment Authority and Abu Dhabi-based sovereign investor Mubadala.

"Welcoming the surge in investment from the UAE to India, Rajesh Kumar Singh invited both companies to explore new sectors for investing in India, especially the renewable and digital sectors," the commerce and industry ministry said.

Currently, the UAE is the seventh largest investor in India with an estimated investment of USD 18 billion, it added.

Singh and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeoudi jointly inaugurated events to commemorate the first anniversary of the entry into force of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE.

After the implementation of the free trade agreement, bilateral trade has witnessed a 20 per cent growth.

India's exports to the UAE rose 12 per cent to USD 31.3 billion in 2022-2023.

Singh also inaugurated the Kerala Pavilion at the Annual Investment Meeting in Abu Dhabi.

On Tuesday, he will also inaugurate the International Jewellery Exposition Centre in Dubai.

The secretary will also be the chief guest at an event organised by the Gems and Jewellery Export Promotion Council, in which around 100 companies from India and UAE, including representatives of various export promotion councils, are expected to participate.

www.business-standard.com dt. 09.05.2023