Prime Minister Narendra Modi had urged UAE's top businessmen to invest in India and had offered $1 trillion investment opportunity. India has been discussing with several global funds to invest in the country and develop the infrastructure sector.
The Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, has been keen to invest in India's infrastructure sector and build a strategic partnership with New Delhi. ADIA is already an investor in India and sees India as an attractive investment destination. India has huge needs for investment in railways, roads, ports, industrial corridors and smart cities.
The two sides decided to facilitate participation of Indian companies in infrastructure development in the UAE and promote strategic partnership in the energy sector, including through the UAE's participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries.
The two countries also decided to further promote trade and use their respective locations and infrastructure for expanding trade in the region and beyond; and, with the target of increasing trade by 60% in the next five years.
The UAE will tap into India's expertise in Small and Medium Enterprises to create a vibrant industrial base in the Emirates which could also be of benefit to Indian enterprises.
The two sides decided to strengthen cooperation between the UAE's educational institutions and India's universities and higher research institutions.
