More reports on: Economy - general

India will protect legal interests of UAE investors: Sharma

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28 January 2014

Union minister of commerce and industry Anand Sharma today assured the United Arab Emirates that the government of India is addressing legacy issues faced by UAE-based companies such as Etisalat, TAQA, DP World and EMAAR.

At a bilateral meeting with UAE minister of economy Sultan bin Sayeed Al Mansouri on the sidelines of the Partnership Summit 2014 at Bengaluru, Sharma said, ''we will do the best under the circumstances to protect the legal interests of the UAE investors, without violating any judicial orders.''

Both the leaders also discussed follow-up action on decisions taken during the inaugural meeting of the India-UAE high level task force on investment.

Meanwhile, as a follow up action of the India-UAE high level task force on investment, the two sides also signed a bilateral agreement in December 2013.

According to the recommendations of the task force, the department of industrial policy and promotions set up separate working groups covering areas such as infrastructure, investment and trade, energy, manufacturing and technology, aviation, information and communication technology (ICT) and legacy issues. All the working groups except the WG on ICT have met and submitted their recommendations.

Sharma formally invited Sheikh Hamed for another meeting to be held by the end of February 2014.

Total trade between India and the UAE crossed $75 billion in 2012-2013.

Anand Sharma also met his counterparts from Zimbabwe and Namibia on the sidelines of the Partnership Summit 2014 in Bengaluru today.

Anand Sharma also met his counterparts from Zimbabwe and Namibia on the sidelines of the Partnership Summit 2014 in Bengaluru today.

In his meeting with M C Bimha, Zimbabwe's minister of industry and commerce, both sides noted that the present levels of bilateral trade and investment are much below the potential, and that there was a need for revival of Zimbabwe's manufacturing sector, and greater value addition and beneficiation of natural resources, for Zimbabwe to increase the value of its exports.

Sharma put forward his views on cooperation in agro/food processing sector, gems and jewellery, lines of credit and various capacity building programmes.

Sharma was also briefed about the current status of $750 million iron ore deal between Essar and the government of Zimbabwe. ''Early satisfactory resolution of the pending issues would encourage other investors, especially from India, to invest in mining and other sectors in Zimbabwe,'' Sharma said.

Sharma will be visiting Zimbabwe in first week of February. He said that both the sides will finalise long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana.

Both the leaders also reviewed the status of line of credit projects in Zimbabwe. India, in September 2012, approved a line of credit worth $28.6 million for upgradation of Deka Pumping Station and the River Water Intake System in Zimbabwe.

Sharma also met Carl H G Schlettwein, minister of trade and industry, Namibia and reviewed the progress of bilateral ties.





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