(MENAFN- Emirates News Agency (WAM)) Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE, on Monday received Jayant Sinha, Indian Minister of State for Finance, and members of the delegation accompanying him, to discuss opportunities for future cooperation between their two countries.
The two parties stressed the importance of the historical ties between the UAE and India, in the domain of investments in particular.
During the meeting, Minister Al Tayer said, "The federal government of the UAE believes in the importance of providing favourable environment for Emirati investments across the world. To achieve this goal, the Ministry of Finance to build relations, conduct strategic studies and sign agreements with various regulators around the world to bolster the global presence of the UAE investments."
The UAE is home to a large number of Indian projects and companies, whereby Emirati investments entities work on consolidating their presence in India, considered as one of the world's biggest expanding markets.
The volume of trade between the UAE and India amounted to US$180 million during the seventies of the past century, and has grown steadily top reach US$75 billion in fiscal year 2012-2013.
In 1989, the UAE and India signed an agreement reciprocal tax exemption for their national carriers. In 1992, they signed and agreement on the avoidance of double taxation on income whereby sovereign funds were exempted from all kinds of taxes.
This agreement was amended in 2007 and its protocol was amended in 2012.
In 2013, the two countries signed an agreement to protect and promote investments.
The UAE's investments in India amount to US$8 billion in five major sectors, namely energy sector (15%), industrial sector (12%), construction (11%), services (10%), IT and computer industry (5%) and other sectors (47%).
Etihad Airways, Abu Dhabi National Energy Company (TAQA), Abu Dhabi Investment Authority are the UAE's major investors in India.
The Indian minister noted that he welcomes any feedback on any hurdles that may face Emirati investment in India.
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