UAE commits $2 bn for India’s infrastructure sector

The United Arab Emirates (UAE) has agreed to make initial investments of around $2 billion in infrastructure projects in India. The agreement was reached at the first meeting of the India-UAE task force on investments held at Abu Dhabi today.

The UAE also agreed to support the setting up of strategic oil reserves in India, minister of commerce, industry and textiles Anand Sharma said on the sidelines of the meeting.

''An agreement was reached between the two countries on the format and structure of future discussions, including the allocation of $2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India,'' an official release said today.

''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 bin Zayed Al Nahyan, chairman of the Abu Dhabi Crown Prince Court, who co-chaired the first meeting of the meeting.

The first meeting of the India-UAE high level task force on investments held today discussed a wide range of issues covering 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.

The UAE and India have agreed in principle to put in place a bilateral investment promotion and protection agreement and expedite its conclusion, Sharma said.