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PM Modi invites UAE investors as India targets $5tn economy

Indian Prime Minister Narendra Modi says UAE-India relations are 'at their best ever'; commends UAE investment in Indian economy

Indian Prime Minister Narendra Modi.
Indian Prime Minister Narendra Modi.

Indian Prime Minister Narendra Modi has concluded his two-day trip to the UAE – his third official visit to the Emirates, conducted to receive the UAE’s highest civilian award, Order of Zayed – during which he reportedly invited the non-residential Indian (NRI) and Emirati business communities to invest in India as the Asian country seeks to become a $5tn economy by 2024-25.

Speaking to UAE state news agency, Wam, Modi said India was targeting “about $1.7tn-worth of investments in the coming five years”, adding that UAE-India relations were currently “at their best ever”.

He continued: “There has been an increasing interest in investments in India in sectors ranging from renewable energy, food, ports, airports, and defence manufacturing.

"UAE investments in [sectors such as] infrastructure and housing are being enhanced.

"The UAE is our third largest trade partner with about $60bn (AED220.3bn) bilateral trade in 2018-19. Many of our companies are investing here in UAE. Both countries are working closely and vigorously to implement the commitment of $75bn (AED275.5bn) investment by UAE in India.”

Modi left the UAE on Saturday to visit Bahrain, marking the first official visit to the kingdom by an Indian PM.

He was seen off at Presidential Terminal at Abu Dhabi International Airport by HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority; Ali bin Hammad Al Shamsi, Deputy Secretary-General of the Supreme National Security Council; Mohamed Mubarak Al Mazrouei, Under-secretary of the Abu Dhabi Crown Prince's Court; and Dr. Ahmed Abdul Rahman Al Banna, UAE Ambassador to India, according to Wam.

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Construction Week - Issue 749
Sep 15, 2019