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UAE keen
on cultural, economic ties with India: Book
The United Arab Emirates (UAE) is eager to keep all channels of
communication and cooperation open with India, especially in the
cultural, humanitarian and economic field, says a limited Indian
edition book by a former Indian envoy to the Emirates.
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New Delhi: The United
Arab Emirates Monday declared full support for India's candidature
for a permanent seat in the UN Security Council as the two
countries decided to expand their political, economic and energy
ties.
The two sides also signed an agreement to hold political
consultations on international and regional affairs, a move that
is expected to build on their robust bilateral relations.
UAE Foreign Minister Sheikh Abdullah Bin Zayed Al-Nahyan, who
touched down here on a day-long visit Sunday, discussed a host of
bilateral, regional and global issues. Sheikh Abdullah also called
on Vice President Hamid Ansari and Prime Minister Manmohan Singh.
India and the UAE, home to over 1.5 million Indian diaspora,
discussed an array of bilateral and international issues,
including the global economic recovery, UN reforms and
counter-terror cooperation. At the end of the talks, the two sides
signed a pact on political consultations and decided to step up
mutual investment in each other's country. The UAE plans to
appoint a joint Task Force to increase trade and investment with
India.
The two sides also decided to increase co-operation in technology
transfer and research and development in areas related to space,
agriculture, pharmaceuticals and bio-technology.
The UAE expressed its desire to enhance investment in key sectors
of Indian economy like power, oil and gas and tourism. "We already
have some investment here. But we are looking forward to
increasing our presence in various sectors like power, oil and gas
and tourism," Khalid Ghanem Al Ghaith, assistant minister for
economic affairs, told reporters on the sidelines of a business
summit here.
According to Ghaith, the trade and investment opportunities
between both the countries were enormous and had to be tapped.
"There is an enormous opportunity for trade and investment here. A
lot more has to be done to tap this potential," he said. Indian
industry on its part also showed keen interest in increasing their
presence in the UAE.
"Industries should meet more and interact. There is a huge
potential for trade and investment on both the sides," said Atul
Punj, chairman, Punj Lloyd.
Meanwhile, UAE electricity utility TAQA said that it was looking
for investment opportunities in south India's power sector. "We
are looking for investment opportunities in the power sector in
southern India region," said Abdullah Bin Saif Al Nuaimi, director
general, TAQA.
The two sides were also exploring possibilities of setting up
industrial complexes in the Gulf as well as in India and third
countries to cater to the markets worldwide.
Bilateral trade between India and the UAE was at $43.46 billion in
2009-10.
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