Currently, India and the UAE have a $350 billion bilateral trade, which they plan to increase three times in the near future. After China and the U.S., the UAE is India’s largest trading partner. The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, is seeking to identify investment opportunities in the Indian infrastructure sector. The $75 billion UAE-India Infrastructure Investment Fund, to support investment in India’s infrastructure sector over a decade, has not seen much progress and the two sides are hoping to put it on a fast track.
The vigour in India-UAE ties today owes its origins to Prime Minister Narendra Modi’s visit to the UAE in 2015, the first by an Indian Prime Minister to the Emirates in 34 years. The joint statement issued by Mr. Modi and Crown Prince Mohammed Bin Zayed Al Nahyan redefined the contours of a relationship that had long lacked political heft. Both sides denounced and opposed terrorism in “all forms and manifestations, wherever committed and by whomever, calling on all states to reject and abandon the use of terrorism against other countries, dismantle terrorism infrastructures where they exist, and bring perpetrators of terrorism to justice.” The target was clearly Pakistan, as they came down strongly on countries sponsoring terrorism against other states.
(Sourced from agencies, feature image courtesy:newsr.in)
