UAE, India work towards bolstering investment ties

NEW DELHI / WAM

Relations between the UAE and India, which received a fillip when His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, visited New Delhi as chief guest for Indian Republic Day in January, are set to scale greater heights.
Intense preparations are under way to follow up on a string of decisions taken jointly by His Highness Sheikh Mohamed and the Indian Prime Minister, Narendra Modi, during that visit, when as many as 14 agreements and Memoranda of Understanding were signed between entities in the two countries in the presence of
both leaders.
A meeting of the UAE-India High Level Joint Task Force on Investments is scheduled to meet in Abu Dhabi on September 14, according to India’s Commerce Ministry officials who are working on preparations for the meeting.
India’s Minister of State for Commerce and Industry, Nirmala Sitharaman, will travel to Abu Dhabi and co-chair the meeting alongside HH Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince’s Court.
The meeting assumes high significance in light of HH Sheikh Hamed’s assessment last month that emerging economies are better placed to grow in the years ahead, and that China and India dominate this group.
In his introductory remarks two weeks ago to the annual review of the Abu Dhabi Investment Authority (ADIA) of which Sheikh Hamed is the Managing Director, he said, “There are optimistic signs that India is seeking to open its markets to trade and outside investment, and we look forward to continued progress on these fronts, offering our support wherever possible.”
India in turn is taking purposeful steps to meet the interest shown by the UAE in investing in India. It has set up the National Investment and Infrastructure Fund, NIIF, to channel such investments.
In its announcement of a Chief Executive Officer for the Fund, India’s Ministry of Finance specifically cited the UAE’s initiatives to deepen economic relations with India. “The establishment activities of the NIIF are underway and steps are being taken to create opportunities and initiatives with different investors including the Abu Dhabi Investment Authority. NIIF initiatives would now be taken forward by the CEO and made further operational. An initial budgetary allocation has been made and further allocations would be made as and when necessary.”
Meanwhile, simultaneous efforts are under way to convene a meeting of the UAE-India Joint Commission, which serves as an umbrella body for bilateral relations, especially those of a commercial nature. The commission has not met since September 2015, and its revival, for which dates are being discussed, will work as a shot in the arm for other activities being initiated to realise the joint vision of His Highness Sheikh Mohamed and Prime Minister Narendra Modi for cementing UAE-India relations in their new, energised context.
On 20th July, Dr Ahmed Al-Banna, UAE Ambassador to India, attended a high tea reception hosted by the Indian Minister for External Affairs, Sushma Swaraj, who will co-chair the Commission’s meeting with HH Sheikh Abdullah bin Zayed Al Nahyan, the UAE Minister of Foreign Affairs and International Cooperation.
At the high tea meeting, the Indian Minister introduced Justice Dalveer Bhandari, India’s candidate to be a Judge of the International Court of Justice in the Hague, seeking support for his candidature.