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India, UAE Discuss Improving Investment

by Mary Swire,, Hong Kong

19 February 2013

A joint group of India-United Arab Emirates (UAE) experts on investment has held its inaugural meeting, discussing priority sectors and areas of shared interest.

The India-UAE High Level Task Force on Investments was set up in April, 2012. It is intended to act as a platform for addressing mutual issues associated with existing bilateral investments, and to promote and facilitate new investment.

The inaugural meeting was held in Abu Dhabi, and was co-chaired by Anand Sharma, India's Minister for Commerce, Industry & Textiles, and Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court. According to the Sheikh, the meeting has "laid the groundwork" for what he believes "will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India."

The more than 50 government and private sector representatives present discussed the agreement in principle to put in place a Bilateral Investment Promotion and Protection Agreement (BIPA), and the need to expedite its conclusion. They also spoke of the importance of government support in the resolution of issues associated with existing investments, and of opportunities for new cross-border investments across a range of sectors.

The Task Force agreed to create separate working groups, with the aim of strengthening and developing bilateral investment relations. In addition, USD2bn will be allocated for investments in infrastructure projects and to support the establishment of a strategic oil reserve in India.

No date has yet been set for a follow-up meeting.

TAGS: United Arab Emirates | India | interest | oil and gas | agreements | trade

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