Legal interests of investors will be protected, says the Minister

Union Minister of Commerce and Industry Anand Sharma has assured the United Arab Emirates that the government of India is addressing the issues faced by Etisalat, TAQA, DP World, EMAAR etc.

In a bilateral meeting with UAE Minister of Economy Sultan bin Saeed Al Mansouri on the sidelines of the Confederation of Indian Industry’s Partnership Summit 2014 here on Tuesday, he said, “We will do the best under the circumstances to protect the legal interests of the UAE investors, without violating any judicial orders.”

Follow up action

According to an official press release, both the leaders also discussed follow up action on decisions taken during the inaugural meeting of the India–UAE High-level Task Force on Investment (HLTFI). One of the actions taken was the bilateral agreement signed in December 2013. Working groups on seven themes — infrastructure, investment and trade, energy, manufacturing and technology, aviation, information and communication technology (ICT), and legacy issues — have been constituted by the Department of Industrial Policy and Promotion. All the working groups, except the WG on ICT, have met and submitted their recommendations.

Invitation

The Commerce Minister said it was an opportune time for Sheikh Hamed’s visit for the second meeting of the HLTFI in Mumbai. He formally invited Sheikh Hamed for the meeting to be held in February-end.

The total trade between India and the UAE crossed US $75 billion in 2012–13.

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