With an eye on investments, India’s Jaitely comes calling to UAE

Dubai: With an eye on investments, Indian finance minister Arun Jaitely will visit the UAE on November 15 following the Prime Minister’s historic trip to the country in August.

India is eyeing a potential $75 billion (Dh275.25 billion) investment commitment by the UAE in Indian infrastructure, a sector that is instrumental for economic development. India, which is the fastest growing economy in the world, is the only “bright spot” in an otherwise gloomy world, according to the International Monetary Fund.

“The finance minister’s visit is to meet and apprise the UAE-based investors about investment opportunities in various sectors in India including infrastructure, manufacturing, services and National Investment & Infrastructure Fund (NIIF) among others,” the finance ministry said in a statement.

In September, India’s foreign affairs ministry had agreed with its UAE counterpart to increase bilateral trade by 60 per cent over the next five years. The two sides also stressed the need to encourage the investment institutions of the UAE to raise their investments in India, including through the establishment of a UAE-India Infrastructure Investment Fund, with the aim of reaching a target of $75 billion.

Jaitely will attend the UAE India Economic Forum, which will discuss strategies and solutions to investor challenges in India. This two-day event will bring together over 200 delegates, consisting mainly of political and business leaders from the UAE, Saudi Arabia, Qatar and India. The discussions will touch base on topics like banking and finance, digital India among others.

Platform

“The Forum is a great platform for countries to come together and speak on matters that matter, and find concrete solutions that go beyond just pen and paper. It will also be a great opportunity for regional companies to explore the opportunities that India has to offer. I am confident that this forum will help bolster investments on both sides and increase trade as well,” Adeeb Ahamed, CEO, Lulu International Exchange, told Gulf News.

UAE is India’s third-largest trading partner, valued at around $60 billion, after China and US.

To attract foreign investments, the Modi government has taken various initiatives in the last one and a half years, making India an attractive destination for investment.

“These initiatives have resulted in making the Indian economy more stable and reliable. Now policy decisions have become faster and predictable,” the finance ministry said.

The government has taken many initiatives including various tax rationalisation measures and opening up of different sectors of the economy for FDI (foreign direct investment) among others to attract overseas capital.