Indo-UAE panel on investment meets Monday

Last Updated: Sat, Feb 16, 2013 14:10 hrs

New Delhi, Feb 16 (IANS) The India-UAE task force to boost two-way investment will meet for the first time in Abu Dhabi Monday.

Commerce and Industry Minister Anand Sharma will co-chair the meeting with Hamed Bin Zayed Al Nahyan, chairman of Abu Dhabi Crown Prince's court.

"It is important to take stock of the opportunities which present themselves for private and public enterprises on both sides to invest in each other's economies and develop long term investment partnerships," Sharma said here before leaving for the Emirates Saturday.

India, which is hoping to garner investments of about $1 trillion in infrastructure sector during the next five years, is looking for foreign direct investment from the UAE which is home to some of the world's largest sovereign wealth funds like Abu Dhabi Investment Authority (ADIA).

ADIA has assets of about $627 billion.

The proposal to establish the task force was agreed during the visit of UAE's Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan on June 27, 2011. The first meeting will include discussions between government official, major infrastructure financing institutions and Indian banks.

Sharma is likely to emphasise on the increased investment opportunity in Indian sectors like infrastructure including power, highways, ports, aviation, telecommunications and urban infrastructure.

"we deeply value our relationship with UAE and view this country as our economic gateway to the entire gulf region. Our economic engagement has shown a lot of promise and on the trade front," said Sharma.

India is also likely to pitch in for expanding cooperation with UAE in other sectors such as construction, downstream products in the petroleum and natural gas sector, agriculture and food processing, technology, renewable energy, education, health and financial services.

The meeting may also give a boost to the bilateral trade between India and UAE which stood at $71.58 billion in 2011-12 and $73.81 billion in the calendar year 2012.

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