Dubai: Amid growing business ties between India and the UAE, the Reserve Bank of India has allowed UAE state-owned bank Emirates NBD to open two more branches in India, Trade Minister Piyush Goyal informed at the 9th meeting of the high-level meeting. Joint Task Force on Investments held in Dubai.
“The payment of one company was pending. It has been resolved,” Goyal told reporters.
Emirates NBD has maintained a representative office in India since 2000 and received permission from RBI to open its first bank branch in Mumbai in 2017.
Among other countries, the group has operations in the United Arab Emirates, Egypt, Turkey, Saudi Arabia, Singapore, Austria, Germany.
Goyal said the task force has resolved several outstanding issues including grant of income tax exemption to subsidiaries of Sovereign Wealth Fund and looks forward to explore new opportunities for collaboration.
The Task Force also discussed revising the existing Bilateral Investment Treaty. “The two sides have held several rounds of discussions and talks will intensify,” he said.
Goyal said that the UAE government has invited Prime Minister Narendra Modi to visit the country during the next six months of Dubai Expo 2020 where India has opened a pavilion. “Prime Minister Modi may agree to a visit to the UAE in the next six months,” Goyal said.
The writer is in Dubai at the invitation of industry body FICCI.
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