UAE to invest $2 billion in India
The United Arab Emirates (UAE) will invest $2 billion in India as part of a initiative to strenghthen bilateral relationship. They also established the India-UAE High Level Task Force on Investment — a vehicle that will channel investments covering a broad spectrum of areas ranging from infrastructural development to food security.
The UAE has a sovereign wealth fund of $627 billion and India, an emerging global economy, offers an attractive destination for investments, especially after the economic downturn in the West. The UAE and India will also work together for the development of the India’s Strategic Oil Reserve. Further, five high level sub committees will be formed that will cover the fields of infrastructure and energy, trade and investment, manufacturing and technology, and Information Technology and aviation.
India and UAE have also decided to work together in third world countries, including Africa, in energy and infrastructure sectors. India is looking for UAE’s investments in the National Investment and Manufacturing Zones (NIMZ) and the Delhi Mumbai Industrial Corridor. The Indian side is also keen that the Oil and Natural Gas Corporation (Videsh) is pre-qualified to bid later this year for the Abu Dhabi onshore oil fields. While UAE has expressed its concerns about the status of its investments in India by the telecom giant Etisalat, and the realty firm Emmar .