Abu Dhabi: Indian Finance Minister Arun Jaitley, who is on a two-day visit to the UAE, called for the participation and investment in National Infrastructure and Investment Fund (NIIF) by Abu Dhabi Investment Authority (ADIA).
Arun Jaitley said NIIF will attract good returns on the investment made by the sovereign wealth funds of different countries. The Indian finance minister was speaking during his meeting with Shaikh Hamed Bin Zayed Al Nahyan, Managing Director, ADIA, and Chairman Abu Dhabi Crown Prince Court.
According to a press statement, Shaikh Nahyan showed interest in investing in NIIF. According to him, Abu Dhabi National Oil Company (Adnoc) officials will be visiting India on 19th of this month and is interested in investing for establishing strategic oil reserves at Mangalore Port in Karnataka.
During the meeting, Jaitley also gave a detailed account about the various initiatives taken by the present government in the last one-and-a-half year for foreign direct investment (FDI) in the country.
He said that FDI has increased by 40 per cent during the current year as compared to the previous year. He specifically mentioned about various FDI reforms taken recently by the government for attracting foreign investment in sectors such as railways, defence, services and manufacturing among others.
In an interview to Reuters, Jaitley said India has now proved to the world its commitment to reforms.
“India is growing faster than other emerging markets. There is a stability and predictability of the policy regime."
The finance minister said that NIIF will be professionally managed and mainly would invest in commercially viable infrastructure projects.