Posted By Nk Sharma
Post Date: 01/12/2015
Oil-lush United Arab Emirates (UAE) has singled out vital sectors including railways, housing, ports, roads and renewable energy for investing in India as part of the $75 billion indicated during Prime Minister's trip to the Gulf nation August that exhibited a paradigm shift in bilateral strategic and economic partnership between both nations.
UAE had annunciated investment of $75 billion for various sectors in India when Narendra Modi visited UAE on a two-day trip to Abu Dhabi and Dubai last August — first by any Indian PM to the Gulf nation in three decades. Earlier this month, Finance Minister Arun Jaitley sojourned to UAE for discussing this investment proposal among other issues and met senior officials of the Abu Dhabi Investment Authority (ADIA), one of the largest sovereign funds in the Gulf nation.
ADIA would devote to the $75-billion fund apportioned for investments in India in sectors surpassing railways, roads, housing, ports and renewable energy where the Modi government is seeking foreign direct investment to boost economy.
With this aim in mind Jaitley met Sheikh Hamdan Bin Rashid Al Makhtoum, Minister of Finance, UAE, to confabulate the issues of mutual cooperation in the field of economic and trade development during his trip there.