NPCI to ink pact with UAE’s Al Etihad Payments to facilitate cross-border transactions
livemint.comPTI. The pact will be signed on the UAE’s development of domestic card scheme based on India's RuPay debit and credit card stack, the PTI report said citing an official. The agreement will be signed in the presence of commerce and industry minister Piyush Goyal, who is leading a business delegation to Abu Dhabi from October 5 to October 6. India and the UAE will discuss issues, and challenges pertaining to existing investments in each other's countries, the commerce ministry said in a statement.
“The meeting will also review the outcomes achieved through the work of the Joint Task Force to date, and the two sides will continue exploring ways to facilitate investment in areas of mutual interest with the potential for economic growth," the statement said. Goyal will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments (HLTFI) along with Sheikh Hamed Bin Zayed Al Nahyan, managing director of Abu Dhabi Investment Authority. The Indian commerce minister will also hold bilateral meetings with Mubadala’s CEO and MD Khaldoon Al Mubarak, besides members of the UAE-India Business Council, top business leaders and major food importers from GCC (Gulf Cooperation Council) and Egypt.
During April 2000 and June 2023, India received $16 billion foreign direct investment (FDI) from the UAE. The UAE accounts for 2% of the total FDI India received during that period. The bilateral trade between the two countries increased to $84.9 billion in 2022-23 from $72.9 billion in 2021-22.
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