Modi woos UAE with $1 trillion investments

Investment has been the focus of Modi’s visit and is thought to be linked to his push, known as Make In India, to make India a global manufacturing hub. Some things were stalled due to the indecisiveness and lethargy of the governments (in the last)…

Indian Prime Minister Narendra Modi addresses Indian expatriates at a cricket stadium, Monday, August 17, 2015, in Dubai, United Arab Emirates. The formula that India is trying to sell in UAE says that UAE and India can operate together for foreign investment as India has a huge manpower opportunities as well as consumer market while UAE has credibility as economically successful nation.

India on Monday sought investments from the UAE in areas ranging from infrastructure to agriculture and warehousing, with Prime Minister Narendra Modi stating that India could absorb $1 trillion in investment as he promised a conducive business climate. “I promise this will not happen again”.

Thanking the Indian citizens in UAE for their contribution, Modi said, “The people have come here as labourers”.

“I have directed the embassy that wherever Indians are collected, to hold counsellor camps once a month, and sit and meet the workers and take steps to resolve the problems”, he said, to loud cheering.

Prime Minister Modi then met with the UAE dignitaries and exchanged pleasantries with them.

“I was told about some problems being faced by the Indian diaspora living here”. If India offers decent investment opportunities, a sizeable chunk of the sovereign funds could flow here. “If people did not have trust in you, will they even want to invest Rs 10 in India?” In the agriculture sector we need cold storage network and warehousing network where UAE businesses have another advantage. He said 125 crore Indians should be looked upon not just as a market, but also a great power. Modi thanked the UAE for support for India’s permanent membership.

Mr Modi is also pushing for further energy cooperation with one of its key oil suppliers.

On his visit to the city, PM Modi discussed about urban development and next generation urban spaces at Masdar.

Throughout the hour-long tour of Masdar City, the Prime Minister was greeted enthusiastically and repeatedly, by residents and professionals in the city, which include a large number of members from the Indian community. He signed the digital visitors book and wrote “Science is life”.