UAE to invest $75 billion in India

18 Aug '15

2 min read

United Arab Emirates has agreed to support rapid expansion of infrastructure in India by setting an investment target of $75 billion.

In a joint statement issued by the visiting Indian Prime Minister Narendra Modi and Crown Prince Mohamed Bin Zayed AI Nahyan, the two leaders said both countries would facilitate participation of the other country in infrastructure development in their respective countries.

“Recognising that India is emerging as the new frontier of investment opportunities, especially with the new initiatives by the government to facilitate trade and investment, encourage the investment institutions of UAE to raise their investments in India, including through the establishment of UAE-India Infrastructure Investment Fund, with the aim of reaching a target of $75 billion to support investment in India’s plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks,” the statement said.

As per the statement, UAE would participate in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries.

The two countries further agreed to promote bilateral trade, and use their respective locations and infrastructure for expanding trade in the region and beyond; and, with the target of increasing trade by 60 per cent in the next five years.

The leaders also agreed on tapping India’s expertise in small and medium enterprises (SMEs) to create a vibrant industrial base in UAE, which could also be of benefit to Indian enterprises. (RKS)

Fibre2Fashion News Desk – India

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