India and UAE to setup food corridor, likely to attract $2-billion investments : Piyush Goyal

MUMBAI : India and the United Arab Emirates will establish a food corridor, which is likely to attract investments of $2 billion, Commerce and Industry Minister Shri Piyush Goyal said on October 7, at a press conference after the 12th meeting of India UAE High Level Task Force on Investment in Mumbai.

“Food processing facilities in India to enable the availability of high quality products, using Indian farmers to be sold in the UAE. We are looking at progressing on that faster,” said Goyal.

The minister noted that the programme will likely see investments come in to the programme over the next two or two and a half years. The plan is cater to markets beyond UAE as well.

The minister said that approximately USD 2 billion dollars is the initial commitment that UAE has made to invest in the food processing industry and the food park logistics that can be required to move the material to the UAE.

“We have set up a small working group of Central Government and state governments involved and the UAE to take forward this establishment of a food corridor between the two countries on a mission mode basis,” he stated.