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Updated: January 17, 2012 03:16 IST

India seeks out to Abu Dhabi Investment

Special Correspondent
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Managing Director of Abu Dhabi Investment Authority (ADIA) Sheikh Hamed bin Zayed Al Nahyan (right) calling on Union Minister for Commerce and Industry Anand Sharma prior to delegation level talks in New Delhi on Monday. Photo: V. V. Krishnan
The Hindu
Managing Director of Abu Dhabi Investment Authority (ADIA) Sheikh Hamed bin Zayed Al Nahyan (right) calling on Union Minister for Commerce and Industry Anand Sharma prior to delegation level talks in New Delhi on Monday. Photo: V. V. Krishnan

Besides infrastructure, the other areas of investment opportunities include the pharmaceuticals, services, engineering and agro-processing sectors

India on Monday invited Abu Dhabi Investment Authority (ADIA), world's largest sovereign wealth funds, to invest in the $90-billion ambitious Delhi Mumbai Industrial Corridor (DMIC) and other infrastructure funds.

Both countries also agreed to set up a joint working group to facilitate investment for this purpose. The issue was discussed between Commerce and Industry Minister Anand Sharma and Abu Dhabi Investment Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan here.

“We have invited ADIA to invest in the DMIC and other infrastructure projects,” Mr. Sharma said after the meeting. The ADIA, which is as large as $1 trillion, has expressed keen interest in investing in India. “The ADIA will come forward to work with India in the DMIC project. We have agreed to set up a joint working group to work out the modalities. We will be happy to see ADIA participation in India's infrastructure-building,” he said.

Mr. Sharma said India planned to invest $1 trillion in infrastructure over the next five years. “This is an opportunity to enter this huge market,” Mr. Al Nahyan said.

Keeping in mind the worsening investment climate in developed nations, both leaders agreed that the UAE and India should work towards a greater level of engagement. Besides infrastructure, the other areas where both sides can explore investment opportunities include the pharmaceuticals, services, engineering and agro-processing sectors. ADIA has asked for more support in its exploration of opportunities in the Indian market.

Mr. Sharma also said that the UAE should encourage other members of the Gulf Cooperation Council (GCC) to hold a third round of negotiations on the proposed Free Trade Agreement between India and the GCC at the earliest.

The UAE is the biggest trading partner of India in the entire West Asia and North Africa (WANA) region and accounted for about 63 per cent of India's total trade with GCC countries in 2010-11. Bilateral trade between the countries has registered an over 300 per cent increase in the last five years and stood at $66.56 billion in January-November 2011.

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UAE looks to boost investments in IndiaJanuary 15, 2012

It feels good to see this budding relationship between the two asian giants. India and UAE relationship has always been helpful for the two nation and this bilateral ties will help them to tread in the positive direction.

from:  Karan singh
Posted on: Jan 17, 2012 at 12:04 IST

The government gives oppertunities to people who can invest only. Give oppertunities to young people in India who can create wonders and make India like how Abu Dhabi is. The entire UAE is not as big as Delhi state and when they are able to invest 1 trillion. Think about how much we can invest if we try to make our country like how UAE is being managed with good roads, hospitals, everything for a citizen........bring us rule of that kind first rather than begging for investments

from:  satya
Posted on: Jan 17, 2012 at 09:39 IST
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