The inaugural meeting of the India-UAE high level task force on investments was held today at the Emirates Palace Hotel in Abu Dhabi.
More than 50 government and private sector representatives from India and the UAE were present.
The high-level taskforce, co-chaired by Union Commerce and Industry Minister Anand Sharma and HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate investments between the two countries.
India and UAE are significant trading partners and bilateral trade between the two countries is expected to reach new record levels in years to come.
The meeting of the India-UAE High level task force on investments included a wide-ranging discussion on priority sectors of engagement for channeling investments in the two countries, areas of shared interest including the agreement in principle to put in place an Bilateral Investment Promotion and Protection Agreement (BIPA) and expedite its conclusion, as well as assistance and support of Governments of both countries for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
In order to progress these efforts, it was decided that working groups will be created to strengthen and develop bilateral relations in the investment fields and an agreement was reached between the two countries on the format and structure of future discussions, including the allocation of USD 2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India.
"Today we have laid the groundwork for what I am confident will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India," said Sheikh Hamed.
Sharma underlined India's status as a major destination for foreign investments and the opportunities that exist for UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, urban infrastructure etc. and participation through the Infrastructure Debt Funds.
He also highlighted India's desire to participate in the cooperation in the oil and gas sector of UAE. (ANI)