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The United Arab Emirates (UAE) will invest $2
billion in India as part of a pioneering initiative
that is fired by a vision that goes beyond
bilateralism and explores joint opportunities in
Asia and Africa as well. The two countries on Monday established the
India-UAE High Level Task Force on Investment
a vehicle that will channel investments
covering a broad spectrum of areas ranging from
infrastructural development to food security. The UAE has a sovereign wealth fund of $627
billion and India, an emerging global economy,
offers an attractive destination for investments,
especially after the economic downturn in the
West, said a diplomat who did not wish to be
named. During the first meeting of the task force headed
by the visiting Union Minister of Industry and
Textiles Anand Sharma, and Sheikh Hamed bin
Zayed al Nahayan, Chairman of the Abu Dhabi
Crown Prince Court, UAE pledged $2billion for the
development of Indian infrastructure. The UAE and India will also work together for the
development of the Indias Strategic Oil Reserve. In a brief interaction with the media, Mr. Sharma
said that a decision has been taken to form five
high level sub committees that will cover the
fields of infrastructure and energy, trade and
investment, manufacturing and technology, and
Information Technology and aviation. India and UAE have also decided to work
together in third world countries, including
Africa, in energy and infrastructure sectors. Mr.
Sharma stressed that India was looking at a
relationship with the UAE that had joint forays in
Asia and Africa in its sights. The 21st century belongs to Asia and we look at our relationship
in this broader framework, said the minister
during the course of a meeting organised on
Sunday by Dubai-based Indian businessmen. Abu
Dhabi could also take advantage of Indias
deepening ties with East Asia, and the UAEs geographic location presented opportunities for
the two countries to work together in Africa. "I am leading a strong delegation for the first
meeting of the task force from India to take the
cooperation to a new level," said Mr. Sharma. Official sources said that India is looking for
UAEs investments in the National Investment
and Manufacturing Zones (NIMZ) and the Delhi
Mumbai Industrial Corridor. The Indian side is
also keen that the Oil and Natural Gas Corporation
(Videsh) is pre-qualified to bid later this year for the Abu Dhabi onshore oil fields. Mr. Sharma said India was determined to once
again record a growth rate of 9 per cent, and
later pitch for double digit growth for at least
two and a half decades. Officials said that UAE has expressed its concerns
about the status of its investments in India by
the telecom giant Etisalat, and the realty firm
Emmar. Referring to the concerns raised by the
UAE government, Mr. Sharma said that a decision
has been taken to set up a committee that will address all outstanding issues within the
framework of Indian law.
http://www.thehindu.com/business/Ec...investment-boost-to-india/article4428162.ece/
billion in India as part of a pioneering initiative
that is fired by a vision that goes beyond
bilateralism and explores joint opportunities in
Asia and Africa as well. The two countries on Monday established the
India-UAE High Level Task Force on Investment
a vehicle that will channel investments
covering a broad spectrum of areas ranging from
infrastructural development to food security. The UAE has a sovereign wealth fund of $627
billion and India, an emerging global economy,
offers an attractive destination for investments,
especially after the economic downturn in the
West, said a diplomat who did not wish to be
named. During the first meeting of the task force headed
by the visiting Union Minister of Industry and
Textiles Anand Sharma, and Sheikh Hamed bin
Zayed al Nahayan, Chairman of the Abu Dhabi
Crown Prince Court, UAE pledged $2billion for the
development of Indian infrastructure. The UAE and India will also work together for the
development of the Indias Strategic Oil Reserve. In a brief interaction with the media, Mr. Sharma
said that a decision has been taken to form five
high level sub committees that will cover the
fields of infrastructure and energy, trade and
investment, manufacturing and technology, and
Information Technology and aviation. India and UAE have also decided to work
together in third world countries, including
Africa, in energy and infrastructure sectors. Mr.
Sharma stressed that India was looking at a
relationship with the UAE that had joint forays in
Asia and Africa in its sights. The 21st century belongs to Asia and we look at our relationship
in this broader framework, said the minister
during the course of a meeting organised on
Sunday by Dubai-based Indian businessmen. Abu
Dhabi could also take advantage of Indias
deepening ties with East Asia, and the UAEs geographic location presented opportunities for
the two countries to work together in Africa. "I am leading a strong delegation for the first
meeting of the task force from India to take the
cooperation to a new level," said Mr. Sharma. Official sources said that India is looking for
UAEs investments in the National Investment
and Manufacturing Zones (NIMZ) and the Delhi
Mumbai Industrial Corridor. The Indian side is
also keen that the Oil and Natural Gas Corporation
(Videsh) is pre-qualified to bid later this year for the Abu Dhabi onshore oil fields. Mr. Sharma said India was determined to once
again record a growth rate of 9 per cent, and
later pitch for double digit growth for at least
two and a half decades. Officials said that UAE has expressed its concerns
about the status of its investments in India by
the telecom giant Etisalat, and the realty firm
Emmar. Referring to the concerns raised by the
UAE government, Mr. Sharma said that a decision
has been taken to set up a committee that will address all outstanding issues within the
framework of Indian law.
http://www.thehindu.com/business/Ec...investment-boost-to-india/article4428162.ece/
