Authorities in the United Arab Emirates (UAE) have said they are planning an initial investment of $2 billion in infrastructure projects in India.
The two countries reached the agreement at the first meeting of the India-UAE task force on investments, which was held in the Emirati capital, Abu Dhabi today. India's Commerce and Industry Minister Anand Sharma said that UAE will provide support to the Indian authorities for establishing strategic oil reserves in India.
The two sides have also agreed in principle to establish a bilateral investment promotion and protection agreement and also speed up its conclusion. Hamed Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court was the co-chair of the first meeting of the task force.
Sharma also said that the two sides have agreed to set up a committee within the task force to look at the outstanding issues. A total of five committees will be set up within the task force to look into issues of infrastructure and energy; manufacturing and technology; investment in trade, ICT and civil aviation.
Some of the USE-based firms like Etisalat, DP World, Emaar and TAQA are facing difficulties relating to their investment in India and the government has assured them that it will protect their investments under the purview of the law in the country.