UAE invited to participate in NIIF

9/4/2015 12:43:03 AM

(MENAFN- The Peninsula)Prime Minister Narendra Modi meets with UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in New Delhi yesterday.

New Delhi: India yesterday invited the UAE to participate in the Rs20000 crore National Investment and Infrastructure Fund (NIIF) in order to give a push to infrastructure projects in India and also urged the Gulf country to take advantage of “present business friendly environment” to make the partnership stronger.

External Affairs Minister Sushma Swaraj addressing the 11th India-UAE Joint Commission Meeting here said that Finance Minister Arun Jaitley is scheduled to visit UAE for a bilateral meeting and Commerce Minister Nirmala Sitharaman is also headed to that country for the 3rd High Level Task Force on Investment.

Addressing the meeting which was attended by UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and Minister of State Reem Ebrahim Al Hashimy she said that during Prime Minister Narendra Modi’s visit to the country on August 16-17 both sides had agreed to increase bilateral trade by 60 percent during the next five years.

“I am sure that the identification of new areas of trade and the signature of the Double Taxation avoidance agreement and the Bilateral Investment Protection and Promotion Agreement will help us in achieving this goal.” The government’s ‘Make in India’ initiative offers scope for UAE investors in around 25 sectors including infrastructure energy including renewable energy defence railways and highways she noted.

She said during Modi’s visit it was decided that investment agencies in the UAE would be encouraged to make investments in infrastructure in India. “We have recently announced the National Infrastructure Investment Fund and we sincerely hope that Abu Dhabi Investment Authority can look at investments of 10-20 percent of equity.

The Fund is envisaged to be a commercial body which would be operated in a commercial manner. This would also give the UAE companies an edge when specific projects are announced” she said.

IANS

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