UAE- Visit to India cements economic ties: paper

2/14/2016 3:38:37 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI 14th February 2016 (WAM) -- A UAE newspaper has said that the three-day visit to India by His Highness Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces has elevated the already friendly and fruitful relationship between the two countries. The visit successfully built on foundations set during the historic trip to the UAE by Indian Prime Minister Narendra Modi last August.

"The two parties signed far-reaching agreements in various areas including trade and investment security counterterrorism defence production space exploration renewable energy IT and electronics infrastructure and cultural cooperation" said The National in an editorial on Sunday.

"In a joint statement the two leaders said they looked forward to the early signing of what they termed "a comprehensive strategic partnership" that will help both countries develop further in these key areas.

"As we have argued before this partnership is natural and mutually beneficial. As we said when Sheikh Mohamed departed for India there are strong historical ties between the two countries and given current economic conditions the time is ripe for a deepening of the relationship.

"India's recent economic performance has been impressive. The International Monetary Fund forecasts that India will maintain an annual growth rate of more than 7.5 percent in the next two yearsthe highest rate among the world's major economies. Its manufacturing sector has been particularly active.

"The UAE is a dynamic hub for global business. Many companies here are seeking opportunities to invest in other markets and India is an obvious choice. We do however recognise the challenges involved in doing business with India. Bloated bureaucracy and outdated laws remain hurdles to the type of foreign direct investment needed to elevate India's economy to its full potential. The pro-business Modi administration has identified these problems and is shown a willingness to carry out structural reforms. The government is also addressing corruption and its under-investment in infrastructure.

"This visit has demonstrated the extent of cooperation and the willingness to upgrade our economic relationship with India. There is every reason to believe that the target of increasing the value of bilateral trade by 60 percent by 2020 is achievable" concluded the Abu Dhabi-based daily.

WAM/Esraa/Moran

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