The UAE and India are significant trading partners and bilateral trade between the two countries is expected to continue its important growth in years to come
The second meeting of the HLTFI made progress on a number of fronts:
The UAE and India are significant trading partners and bilateral trade between the two countries is expected to continue its important growth in years to come. Alongside trade, the HLTFI would seek to achieve a similar growth path for investment with a clear roadmap between the two countries.
Commenting on the 2nd meeting of the HLTFI, Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for the UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, renewable energy, urban infrastructure, etc. and participation through the Infrastructure Debt Funds. He also highlighted India’s desire to participate in the hydrocarbon sector in the UAE, especially in the upstream petroleum sector. He also mentioned that he sees greater opportunities for UAE investors as strategic partners in India’s growth story.
Sheikh Hamed bin Zayed Al Nahyan said that “today we have advanced the work of the Joint Task Force, and laid the foundation for further mutually beneficial investments and areas of common interest. We look forward to the ratification of the Bilateral Investment Promotion and Protection Agreement, and the resolution of the outstanding issues identified at our first meeting. Together, our combined efforts will help to further strengthen bilateral trade relations and pave the way for continued strategic dialogue.”
The first meeting of the HLTFI, held in Abu Dhabi in February 2013, resulted in a wide-ranging discussion on matters of mutual interest including the identification of priority sectors of engagement for possible investments in the two countries. Since then, work conducted by the HLTFI to strengthen and develop bilateral relations in the field of investments culminated in the signing, in December, 2013, of a Bilateral Investment Promotion and Protection Agreement (BIPPA), serving as a platform for promotion and reciprocal legal protection of investments in both countries.
As a result of decisions taken during the inaugural meeting of the HLTFI, several joint working groups have been created to address issues of mutual interest in the following sectors: Infrastructure, Investment & Trade, Energy, Manufacturing & Technology, Aviation, Information and Communication Technology (ICT) and Legacy Issues. At today`s meeting, an action plan was agreed to expedite progress across all these joint working groups.
The next meeting of the UAE – India High Level Joint Task Force on Investments will be held on a mutually agreed date and location.
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