The United Arab Emirates has signalled its intent to invest another $25 billion in India in the near future, Union Commerce Minister Piyush Goyal said on Monday after co-chairing the 14th India-UAE High-Level Joint Task Force on Investments in Mumbai.

The UAE has already invested around $25 billion in India and is the country’s seventh-largest source of foreign direct investment. The long-term objective is to raise total UAE investment in India to $100 billion.

The meeting was co-chaired by Abu Dhabi Investment Authority Managing Director Sheikh Hamed bin Zayed Al Nahyan. The two sides agreed to deepen cooperation across ports, shipbuilding, energy security, space technology, logistics and financial services.

They also set a target to double bilateral trade to $200 billion by 2032, from about $100 billion at present. Discussions covered a possible undersea gas pipeline and greater use of the rupee and dirham in settling trade.

Goyal said India offers stability and predictability at a time of global geopolitical tension. He added that trade in local currencies is already in double digits and is expected to keep rising.