UAE pledges investment step-up, eyes smart cities, infra

Source: PTI

Committing to a step-up in investments in India, the United Arab Emirates (UAE) on Thursday said it is keen to tap opportunities in smart cities and the infrastructure sector. The visiting Foreign Minister of UAE, Sheikh Abdullah bin Zayed Al Nahyan, in his meeting with Prime Minister Narendra Modi said his country attaches the highest importance to comprehensive strategic partnership with India. He expressed commitment to expeditiously implement the outcome of Modi's visit there last month, including in the fields of trade and investment, defence and security. The remarks assume significance as during the Modi's visit, the UAE has agreed to increase investments in India to $75 billion (about Rs 5 lakh crore) and raise the bilateral trade to nearly $100 billion in five years. The two-way trade stood at about $60 billion in 2014-15. Meanwhile during the India-UAE Business Meet, UAE Minister of State for Economic Affairs Reem Ibrahim Al Hashimiy said infrastructure is a key area of interest. "I am extremely keen to hear and listen from you some of the proposals, especially Make in India, Digital India and Smart City initiatives," she told the industry leaders. The Minister said that the UAE is "determined" to take its relationship with India "to a new strategic level". To take the talks forward, Commerce and Industry Minister Nirmala Sitharaman will be visiting that country next month. Meanwhile, an MoU was signed between Ficci and the Federation of UAE Chamber of Commerce & Industry for improvement of trade, industrial and other ties between India and the United Arab Emirates (UAE). During his meeting with Zayed Al Nahyan, Modi expressed deep appreciation for the vision of the UAE's leadership in transforming the country by harnessing the possibilities of human spirit, innovation and science. He appreciated the vibrant and multicultural society in the UAE that has also embraced and protected the interests of 2.6 million Indians in the country. During April 2000 and May 2015, India has received $3.09 billion investments from the UAE, which is one per cent of the total FDI received by India during the period.  

September 03, 2015 | 3:25pm IST.