India and the United Arab Emirates (UAE) are set to establish a significant food corridor, expected to attract investments of approximately $2 billion. Commerce and Industry Minister Piyush Goyal announced this development on October 7 during a press conference following the 12th meeting of the India-UAE High-Level Task Force on Investment in Mumbai.
The initiative aims to enhance food processing facilities in India, ensuring the availability of high-quality products sourced from Indian farmers for sale in the UAE. Goyal emphasised the urgency of progressing with this initiative, highlighting its potential to extend beyond UAE markets in the future.
The minister noted that the initial investment commitment from the UAE focuses on developing the food processing industry and establishing logistics infrastructure essential for transporting goods to the UAE. Over the next two to two and a half years, significant investments are anticipated to flow into this program.
To facilitate the establishment of the food corridor, a working group comprising representatives from the Central Government, state governments, and UAE officials has been formed. This collaborative effort is geared towards advancing the project on a mission-mode basis, ensuring swift progress and fostering stronger economic ties between India and the UAE in the food sector.
