Prime Minister offers $1 trillion investment opportunity to UAE

18 Aug 2015 Evaluate

Inviting investors from United Arab Emirates (UAE), Prime Minister Narendra Modi has said that India has an investment opportunity of $1 trillion, in sectors like infrastructure, energy, real estate etc., and urged UAE’s businessmen to come to invest in India and together make the 21st century ‘Asia’s Century’. Modi further stated that his government would take all necessary steps to address concerns of the businessmen from UAE and erase “deficit of 34 years”, he also assured to send commerce Ministry to try and find solutions to the problems faced by some UAE investors. He also stated that his government has got some problems in legacy and his immediate priority would be to kickstart the things which were stalled by the 'indecisiveness and lethargy' of the past governments.

Besides, Prime Minister has said all major global institutions agree that India is the world’s fastest growing economy and it has enormous development potential. He also said that UAE’s power and India’s potential can make the dream of an Asian Century a reality. Furthermore, He pointed several sectors including insurance, railways, defence manufacturing that have been opened up for foreign investment in India.

UAE’s investors have said they want steps like single window clearance and cited cumbersome and complex processes for doing business in India. Furthermore, they underlined the government needs to be a strategic partner to create a conducive business environment for the investors who need safety of their investments. To these, Modi assured that these problems will be resolved. The issue assumes significance as a number of investors, including some from the Middle-East region; have in the past faced problems on account of taxation and policy related issues.

Listing out investment areas, Modi highlighted that India needs technology, speed and quality construction when it comes to housing. Low-cost housing is very important for Indian. In the agriculture sector, India needs cold storage network and warehousing network where UAE businesses have another advantage.

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