Woodkirk Stone
Dubai: Amid growing business ties between India and the United Arab Emirates, the Reserve Bank of India has authorized Emirates NBD, the public bank of the United Arab Emirates, to open two additional branches in India, Commerce Minister Piyush Goyal said. during the 9th High Level meeting. Joint Investment Working Group held in Dubai.
“A company’s payment has been suspended. This has been resolved,†Goyal told reporters.
Emirates NBD has had a representative office in India since 2000 and obtained permission from RBI to open its first bank branch in Mumbai in 2017.
Among other countries, the group is present in the United Arab Emirates, Egypt, Turkey, Saudi Arabia, Singapore, Austria and Germany.
Goyal said the task force has resolved many outstanding issues, including granting tax relief to subsidiaries of sovereign wealth funds and looks forward to exploring new opportunities for collaboration.
The working group also discussed the revision of the existing bilateral investment treaty. “The two sides have held several rounds of talks and the talks will be accelerated,” he added.
Goyal said the UAE government has invited Prime Minister Narendra Modi to visit the country over the next six months for Dubai Expo 2020, where India has opened a pavilion. “Prime Minister Modi could agree to visit the United Arab Emirates within the next six months,” Goyal said.
The writer is in Dubai at the invitation of the industrial organization Ficci.
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