Abu Dhabi, Feb 19 (IANS/WAM) The United Arab Emirates (UAE) will invest $2 billion in India's infrastructure projects and support the establishment of a strategic oil reserve in the country.
The agreement was reached Monday during the inaugural meeting of the UAE-India High Level Task Force on Investments, established in 2012 to address mutual issues related to existing investments between the two countries besides promoting and facilitating investments.
The meeting was co-chaired by UAE's Sheikh Hamed bin Zayed Al Nahyan, chairman of the Abu Dhabi Crown Prince Court, and Indian Minister for Commerce, Industry and Textiles Anand Sharma.
The meet 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.
It also discussed assistance and support to both governments for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
It decided to set up working groups for strengthening and developing bilateral relations in investment sectors.
Sharma underlined India's status as a major destination for foreign investments and opportunities for the 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.
UAE's Sheikh Hamed bin Zayed Al Nahyan said: "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."
More than 50 government and private sector representatives from the UAE and India attended the meeting.