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India progresses on US$75bn UAE investment plan

UAE-India aims to work in third country markets

Prabhu discusses business with UAE delegation.

India is progressing on the United Arab Emirates (UAE) plan to invest US$75 billion over the next 10 years in its growing infrastructure projects.

This was concluded after a high level UAE met Minister of Commerce and Industry, Suresh Prabhu, in New Delhi on 5 Feb 2018.

The Abu Dhabi delegation was led by Ahmad Sultan Alfalahi, Commercial Attache in the Embassy of the United Arab Emirates, New Delhi. The delegation also comprised of Mohamed H. Al Muhairi, Director General, Abu Dhabi Chamber of Commerce and Industry, Rashed Abdul Karim Al Blooshi,Chief Executive, Abu Dhabi Securities Exchange, Mohamed Hamad Al Hameli from the Department of Health, Abu Dhabi.

Prabhu highlighted to the visiting delegation that India has a very strong services sector.

India and UAE could formulate a comprehensive economic partnership for developing third country markets in Africa, Latin America and Central Asia, he said.

On January 14, 2018, Prabhu attended the 5th Meeting of the UAE-India High Level Joint Task Force on investment held in Abu Dhabi to discuss facilitation of investment in key sectors in UAE and India.

The Prime Minister, Narendra Modi, is scheduled to visit the UAE for the World Government Summit (WSG) from 11-13 February, 2018.

The PM’s tour will explore areas to further India’s reach to the Arab countries and also expand strategic partnerships in this region.

The UAE delegation stressed the point that it no longer wishes to continue as an oil-based economy but is very rapidly moving on the path of becoming a knowledge based economy.

India with its very strong services sector as well as SME, healthcare, technology, education sectors, will be able to capitalise on the UAE’s strength as a hub to further expand India’s business interest in the region as well as Africa. fii-news.com

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