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The UAE has agreed to enhance its investments in India to US$75bn including through a dedicated infrastructure fund, while the two nations will also raise bilateral trade by 60 per cent in the next five years
While deciding to elevate India-UAE relationship to a comprehensive strategic partnership, India Prime Minister Narendra Modi and Crown Prince of Abu Dhabi HH Sheikh Mohamed Bin Zayed Al Nahyan have also agreed to facilitate participation of Indian companies in infrastructure development in the UAE, news agency PTI has reported.
“The economic cooperation would be enhanced with the target of increasing trade by 60 per cent in the next five years. This would support investment in India’s plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks,” a joint statement said.
India-UAE trade, valued at US$180mn per annum in the 1970s, is currently around US$60bn, making the UAE, India’s third-largest trading partner for the year 2014-15 after China and the USA.
During his two-day visit last this week, PM Modi addressed business leaders from the UAE and said that India offers investment potential to the tune of US$1 trillion and invited them to invest in the country.
Besides, the UAE will tap India’s expertise in small and medium enterprises to create a vibrant industrial base in UAE, which could also be of benefit to Indian enterprises.
Both countries would work towards promoting scientific collaboration, including in the areas of renewable energy, sustainable development, arid agriculture, desert ecology, urban development and advanced healthcare.
Narendra Modi said that India has huge investment opportunities for investors from the UAE in sectors like infrastructure, energy and real estate.
“On one hand, India is growing fast and on the other hand, the world is looking at Asia. But is Asia complete without UAE?
“I can clearly see that the UAE should be at the centre of mainstream of things in Asia. UAE’s power and India’s potential can make it Asia’s century,” PM Modi added.