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MENAFN - Khaleej Times - 14/12/2013

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(MENAFN - Khaleej Times) The two ministers also exchanged views on the latest regional and international developments.

During the meeting, Shaikh Abdullah affirmed the UAE's keenness on boosting prospects of joint cooperation, stressing the importance of expanding avenues of joint investment, particularly in areas of economy, trade and renewable energy.

The UAE Foreign Minister hailed the historic bonds between the friendly countries and praised the contributions of the Indian community in the UAE's ongoing development and building processes.

The Indian Minister of External Affairs welcomed Shaikh Abdullah to India, lauding the existing UAE-India friendship as a role model for strategic partnerships which advance constructive collaboration in all fields for the best interest of the two friendly countries and people.

At the end of the meeting, UAE Minister of State for Financial Affairs, Obaid Humaid Al Tayer and Indian Finance Minister, P. Chidambaram signed a Bilateral Investment Protection Agreement (BIPA).

Meanwhile, the UAE Foreign Minister also met with Shivshankar Menon, National Security Advisor to the Indian Prime Minister, and reviewed with him aspects of joint cooperation as well as a variety of issues of common interest.

"India and UAE have historic ties. The relationship is important for both the countries. Both sides have worked hard to get this agreement ready that will regain investor confidence," India's outgoing ambassador M.K. Lokesh said at the farewell lunch organised by Indian Business and Professional Council Dubai (IBPC) on Sunday.

He said BIPA will provide a comprehensive framework to investors from both countries and ensure promotion and protection of bilateral investments.

The UAE has investment interests in India mainly through Emaar and etisalat while India has varied investment in the UAE, surpassing Dh200 billion, figures released by IBPC said.

The UAE is the tenth largest investor in India in terms of foreign direct investments, according to official figures. The bilateral trade between the two sides goes back to centuries, with India now among the UAE's biggest trading partners. The bilateral trade had reached 75 billion in 2012-2013, bilateral investments had not matched the level of trade.

"The landmark agreement will be a fitting farewell gift to the ambassador, whose 43-month tenure has seen trade between the two countries almost double from Dh161.5 billion three years ago to Dh275.25 billion," Paras Shahdadpuri, IBPC president said.

"This is a golden era of India-UAE relationship and Ambassador Lokesh has played a key role in improving the relationship further," he said.

 






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