UAE to invest Rs 5 lakh crore in India

Abu Dhabi/Dubai: The United Arab Emirates (UAE) has agreed to increase its investment in India to Rs 5 lakh crore (US$ 75 billion). India and UAE have also signed a strategic partnership in the energy sector and agreed to increase trade between them by 60 per cent through the next five years. Indian Prime Minister Mr Narendra Modi and Crown Prince His Highness Sheikh Mohammed Bin Zayed Al Nahyan of Abu Dhabi also agreed to facilitate participation of Indian companies in infrastructure development in the UAE. To facilitate UAE’s investment in India, a UAE-India Infrastructure Investment Fund would be set up 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, according to the joint statement issued after a meeting between the two leaders. The joint statement further added that UAE would promote strategic partnership in the energy sector in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors.

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Volume 4 Issue 41 | Dallas | Oct 21

Print Edition ~ Digitally   Issue 41 ~ Dallas ~ Oct 21  
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