(MENAFN - Khaleej Times) The UAE is keen to increase its energy exports, as well as downstream investments in India, said Foreign Minister Shaikh Abdullah bin Zayed Al Nahyan.
The UAE "would like to see more energy exports to India especially when it comes to crude oil... There are talks between our officials looking at these avenues and even further. We would like to see UAE presence in downstream investments in India, including petrochemicals," Shaikh Abdullah told reporters on Friday during a joint Press conference with Indian Minister of External Affairs S.M. Krishna.
Shaikh Abdullah and Krishna held wide-range of discussions on international, regional and bilateral issues including ways to boost trade ties, maritime security cooperation to tackle piracy and India-Pakistan ties.
Shaikh Abdullah also said that he was "pleased" to see the developing "vibrant" ties between India and Pakistan.
According to the Press Trust of India, the two sides also discussed the forthcoming 3rd India-Arab Economic Conclave to be hosted in Abu Dhabi on May 21 and 22 and the proposed road show on investments in Abu Dhabi and Dubai that Indian officials intend to undertake in June to exchange information and clarify issues related to the investment climate in India. Also discussed were ways to increase cooperation to fight the "scourge" of piracy.
"Resolving piracy cannot come until we resolve Somalia," Shaikh Abdullah said. He said building Somalia's capacity in every form is the way the issue of piracy can be tackled. Underlining the country's need to increase its oil imports, Krishna said: "The need to increase import of oil and other energy sources is of extreme critical importance and in UAE we have a dependable supplier which India needs so badly."
He added that it was decided to set up a high-level joint task force on investment which will also look into securing more oil supplies from UAE that has assured it of "increased" energy exports. Shaikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court and Managing Director of the Abu Dhabi Investment Authority, and India's Commerce, Industries and Textiles Minister Anand Sharma will be leading the respective sides of the high-level task force, Krishna said.
Aside from oil, the UAE is also looking at investment opportunities in sectors like petrochemicals. The Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, is looking at investment opportunities in India, particularly in the real estate sector.