NEW DELHI: India and the UAE would set up a $75 billion fund to support investments in infrastructure. This was announced in a joint statement and also mentioned by Prime Minister Narendra Modi in his speech to the Indian diaspora at the Dubai International Cricket Stadium.
The joint statement said that the Indian and UAE leadership recognised that India is emerging as the “new frontier of investment opportunities”.
As part of an initiative to encourage investments, both sides agreed to establish “UAE-India Infrastructure Investment Fund, with the aim of reaching a target of $75 billion to support investment in India’s plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports, industrial corridors and parks.”
Earlier in the day, while talking to investors, Modi said India had an immediate investment opportunity of $1 trillion and the government will take urgent steps to address concerns of businessmen from this country and erase ‘deficit of 34 years’. He also urged them to come to invest in India and together make the 21st century ‘Asia’s Century’.
The investors told the PM that they needed steps like single window clearance and cited cumbersome and complex processes for doing business in India. He promised to resolve the issues.
On the other side, Indian firms will also be facilitated participation in infrastructure development in the UAE. Further, both sides agreed to expand trade, setting a target to expand trade volume by 60 percent in next five years.
The UAE also sought participation in the Indian petroleum industry, especially in development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries.