India and United Arab Emirates (UAE) have agreed to work towards enhancing the profile of India-UAE investment relations by boosting two-way investments. The two nations which home over 1.5 million Indian diaspora, also decided to increase co-operation in technology transfer and research and development in areas related to space, agriculture, pharmaceuticals and bio-technology.
Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, who was on a two-day visit to India, met Vice-President Hamid Ansari and Prime Minister Manmohan Singh, apart from holding delegation-level talks with External Affairs Minister SM Krishna on a wide range of bilateral, regional and global issues, apart from exploring possibilities on intensifying relations in trade and investment, energy, security and global finance.
UAE’s support to India's candidature for a permanent seat in the United Nation's Security Council was reiterated by Sheikh Abdullah who also signed a bilateral memorandum of understanding (MOU) on periodic political consultations as well as exchange of views on regional and international issues of mutual interest.
Khalid Ghanem Al Ghaith, assistant minister for economic affairs, UAE, also conveyed the desire to enhance investment in key sectors of Indian economy like power, oil and gas and tourism. He stated that 'We already have some investment here. But we are looking forward to increase our presence in various sectors like power, oil and gas and tourism.' Ghaith opined that the business and investment chances between both the nations were vast and untapped. 'There is an enormous opportunity for trade and investment here. A lot more has to be done to tap this potential,' Ghaith stated.
Also two sides explored chances of establishing industrial complexes in the Gulf in addition to India and third nations to fulfill the markets all over the world. During 2009-10, India was UAE's largest trading partner as the two way trade between the nations being approximated to be around $43.46 billion during the year.
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