UAE and India have agreed to invest $ 75 billion in infrastructure in India

UAE and India have agreed to establish a joint fund of 75 billion dollars for investment in Indian infrastructure, said on Monday the Emirati news agency WAM.

The agreement was reached during a visit to the UAE, Prime Minister of India, Narendra Modi. He became the first Indian official of such level, visited the United Arab Emirates over the past 34 years.

“Recognizing that India is becoming the new frontier of investment opportunities, (leaders agreed) to encourage investment structures UAE (in their quest) to increase their investments in India, including through the establishment of a joint fund for investment in infrastructure,” - said in a statement on the visit .
The Fund will support the modernization of infrastructure in India, including railways and roads, ports, airports and industrial zones.

The two sides also agreed to strengthen cooperation in the energy sector. In particular, we are talking about the participation of the UAE in building up strategic oil reserves in India. According to the statement, the volume of bilateral trade in the next five years is expected to grow by 60%.

Now the annual trade turnover between India and the UAE is about $ 60 billion. India is the second largest trading partner of the United Arab Emirates, the Emirates, in turn, are the third-largest trading partner of India. In the UAE resides 2.6 million Indian citizens and registered 45 thousand companies from India.

18 August 2015

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