India, UAE Set to Establish $2 Billion Food Corridor Initiative

India and the United Arab Emirates are slated to kick off a historic food corridor scheme with a huge investment of $2 billion. Union Minister Piyush Goyal announced the initiative during the 12th India-UAE High-Level Task Force meeting on the Investment concept to increase agricultural products export and to create chances for Indian farmers to enhance the food security of UAE and other countries.

Accelerating Food Processing Investments

A special committee of the state and the central government with representatives from the UAE has been set up to fast-track the food corridor project. However, The team will work on mission mode to ease the initiative’s implementation a lot. He further stated that going for this partnership model will accelerate investments into food processing facilities right across the country by leveraging the prowess and money from the UAE. The project is expected to help not only improve trade between the two countries but also to increase employment in Indian agriculture and to give the UAE access to quality products.

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Minister Goyal declared that the emphasis will be put on enhancing the efforts to bolster the execution of investment projects that would allow UAE investors to open units for the processing of food products in India. This will open a new trading window for fresh produce from India to UAE and other Gulf countries if in the future export market is strong enough for the farmers and food processing companies.