Modi to seek enhanced cooperation in energy, trade, investment during UAE visit

Prime Minister Narendra Modi has said that his visit to United Arab Emirates, UAE will boost ties and will enhance economic as well as trade relations.

CII also stated that TAQA, the Abu Dhabi-based worldwide energy and water company which is the largest private operator of hydroelectric plants in India, as also Etihad through its investment in Jet Airways could act as torchbearers for expanding investment from the UAE into India.

Later, Official Spokesperson in External Affairs Ministry said UAE, with a sovereign wealth fund of more than United States dollars 800 billion, was very important from investment point of view and India would like to impress them to invest in infrastructure sector. Late Indira Gandhi was the last Indian PM to visit the UAE in 1981.

Ram Buxani, the president of ITL group credits the Thattai Bhatias of Sindh Province in undivided India for having further cemented trade and culture ties with the UAE.

“UAE is a global economic success story that has attracted people from all over the world”.

The event’s convener, Khanderao Kand, praised IACWC for providing a platform to bring together the entire community, regardless of language, culture, religion or profession.

Modi said he looked forward to meeting some of the more than two million Indians who live in the UAE, many as migrant workers.

The prime minister this week accused the main opposition Congress party of holding back the economy for its weeks-long protest in parliament to demand ruling BJP leaders resign over graft allegations.

Black money is top of the government agenda and proposed ITOU in Abu Dhabi is expected to help in getting information related to illegal funds.

Indians in the UAE are the largest remitters globally, and sent Dollars 12.64 billion to their country in 2014. “Give us a detailed report card on the overabundance of schemes that have been announced since May 2014”, commentator Gurcharan Das wrote in the Times of India this week.

“This will be the first Prime Ministerial visit in 34 years”.

“The strong India-UAE trade relationship has translated into multi-pronged investment flows from India to the UAE”. Much like the regional states, India would also like a stable balance of power to emerge in a region riven with multiple fault-lines. In addition, India and the UAE seek to expand their security cooperation. At the end of 2013, the countries signed a Bilateral Investment Promotion and Protection Agreement (BIPA).

“These schemes must be available in all banks where any Indian expatriate can open a NRE (non-resident rupee) account”. As the UAE government facilitates the transition of the country into a knowledge-based economy, India’s technology institutes and research centres can partner with local UAE stakeholders to build mutual capacity and know-how.