By Andrei Skvarsky.
India’s renewable energy, food processing and healthcare sectors are going to receive substantial investments from the United Arab Emirates, according to memorandums of understanding signed a week ago.
The renewable energy investments would fund projects with a combined generation capacity of 60 gigawatts, Emirates News Agency (WAM) cited one of the memorandums, which were signed by the two countries’ governments in Abu Dhabi, as saying.
India aims to achieve net zero by 2070, a goal that needs investments of more than $10tn to achieve, and as intermediary targets plans to instal 500 gigawatts of renewable energy capacity and cut emissions by 45 per cent by 2030.
Food processing, one of India’s largest industries, has for a decade and a half been based on a scheme to organise “mega food parks”, clusters aiming to link together farms, processors and retailers.
There exist 24 mega food parks in the country “with numerous others at various stages of implementation”, WAM said in a statement.
India’s problem-ridden healthcare sector saw, according to CNBC television, a “historic surge” in investments in 2023 with inflows of more than $4bn and private equity investments jumping by between 9 and 10 per cent compared with an increase of 5 per cent in 2022 and a pre-COVID era rise of 2 per cent.
The memorandums were signed by UAE Investment Minister Mohamed Hassan Al Suwaidi and India’s Foreign Minister Subrahmanyam Jaishankar (who signed the renewable energy document) and ministers of food processing industries and health, Pashupati Kumar Paras and Mansukh Mandaviya.
Sorry, comments are closed for this post.