Blitz Bureau
NEW DELHI: Prime Minister Narendra Modi and the United Arab Emirates (UAE) President, Sheikh Mohamed bin Zayed Al Nahyan decided to double India-UAE bilateral trade to $200 billion by 2032, according to a joint statement issued on January 20.
The two leaders welcomed the robust growth in trade and economic cooperation since the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2022 and noted the rapid growth of bilateral trade, which reached $100 billion in FY 2024-25, the statement said. They also endorsed the outcomes of the 13th High-Level Task Force on Investments held in September 2025, and the 16th India-UAE Joint Commission Meeting and 5th Strategic Dialogue held in December 2025.
They directed their teams to work towards connecting Micro, Small and Medium Sector Enterprises (MSMEs) on both sides.
In this context, they called for the expeditious implementation of key initiatives, such as the ‘Bharat Mart’, the ‘Virtual Trade Corridor’ and the ‘Bharat-Africa Setu’ to promote MSME products across the Middle East, West Asia, Africa and the Eurasia region. Both the leaders expressed satisfaction that the Bilateral Investment Treaty signed in 2024 has further strengthened investment flows across multiple sectors in both countries.
They also welcomed discussions on a potential UAE partnership for the development of the Special Investment Region in Dholera, Gujarat. The envisioned partnership would include the development of key strategic infrastructure, including an international airport, a pilot training school, a maintenance, repair and overhaul (MRO) facility, a greenfield port, a smart urban township, railway connectivity, and energy infrastructure.
Highlighting the success of the first National Investment and Infrastructure Fund (NIIF) Infrastructure Fund, Prime Minister Modi invited UAE sovereign wealth funds to consider participation in the second Infrastructure Fund, scheduled for launch in 2026. The two leaders welcomed the establishment of DP World and First Abu Dhabi Bank (FAB) branches in GIFT City (Gujarat International Finance Tec-City), reinforcing its emergence as a leading international financial center.