India and the United Arab Emirates propose to create a $75-billion infrastructure fund to invest in infrastructure development in India, which is emerging as the new frontier of investment opportunities.
| || |
|Prime Minister Narendra Modi with UAE Vice President and Prime Minister HH Mohammed bin Rashid Al Makhtoum, at Za'abeel Palace, Dubai on 17 August 2015 || |
UAE investors expect the new initiatives by the government under Narendra Modi to facilitate trade and investment, encourage the investment institutions of UAE to raise their investments in India.
The UAE-India Infrastructure Investment Fund, which targets funds to the tune of $75 billion will support investment in India's plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks, a joint statement issued by the two countries said.
UAE will facilitate participation of Indian companies in infrastructure development in UAE as the two sides promote strategic partnership in the energy sector, including through UAE's participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries.
Further promote trade between the two countries, and use their respective locations and infrastructure for expanding trade in the region and beyond; and, with the target of increasing trade by 60 per cent in the next five years.
UAE plans to tap India's expertise in small and medium enterprises to create a vibrant industrial base in that country, which could also be of benefit to Indian enterprises.
The two countries plan to strengthen cooperation between UAE's increasingly sophisticated educational institutions and India's universities and higher research institutions; promote scientific collaboration, including in the areas of renewable energy, sustainable development, arid agriculture, desert ecology, urban development and advanced healthcare.
Besides, the two countries plan to promote cooperation in Space, including in joint development and launch of satellites, ground-based infrastructure and space application.
Prime Minister Modi welcomed UAE's plan to set up the West Asia's first Space Research Centre at AI Ain and its plan to launch a Mars Mission in 2021.
The two sides will cooperate in peaceful uses of nuclear energy, including in areas like safety, health, agriculture and science and technology.