India-UAE to establish food corridor, investments worth $2bn expected
India and the United Arab Emirates (UAE) will soon set up a food corridor that could attract $2 billion in investments. The announcement was made by Piyush Goyal, India's Commerce and Industry Minister, at a press conference after the 12th meeting of the India-UAE High Level Task Force on Investment in Mumbai. Goyal also highlighted that the corridor will boost food processing facilities in India.
Corridor to ensure availability of high-quality products
According to Goyal, the food corridor will ensure that high-quality products grown by Indian farmers are available for sale in the UAE market. "We are looking at progressing on that faster," Goyal said, indicating a speedy implementation of this project.
Investment timeline and market expansion
The minister also gave a timeline for the expected investments, saying they are likely to come through over the next two to 2.5 years. He also revealed plans for the food corridor to serve markets beyond just the UAE. This indicates a wider strategy to expand India's agricultural exports, and cement its position in global food markets.
