UAE invites Indian firms to invest

The United Arab Emirates (UAE) will extend all  support in the establishment of a strategic petroleum reserve in India in a manner serving the common strategic interests of both countries and based on the principles of long term strategic partnership and cooperation.

Also, the UAE has invited Indian companies in the renewable energy area to the UAE to meet with Masdar to discuss potential investments. These decisions were taken at the second meeting of the UAE – India High Level Joint Task Force on Investments (“HLTFI”) held here on Monday where more than 30 government and private sector representatives from India and the UAE were present.

Commenting on the development, Union Commerce and Industry Minister Anand 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.
Sharma highlighted India’s desire to participate in the hydrocarbon sector in the UAE, especially in the upstream petroleum sector.  Sheikh Hamed bin Zayed Al Nahyan, Co-Chair of the HLTFI and Chairman of the Abu Dhabi Crown Prince Court, said:  “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.”

The day’s meeting of the HLTFI made progress on a number of fronts where Wide-ranging discussions took place on priority sectors of engagement for channelling investments, said an official release.

Discussions took place on expediting the resolution of current pending issues associated with existing UAE investments in India (Etisalat, Emaar & DP World), and a plan of action was agreed for the Legacy Issues sub-working group to address and resolve these issues.

It acknowledged TAQA, the Abu Dhabi-based international energy and water company, as the largest private operator of hydroelectric plants in India, following its acquisition, signed on Saturday 1st March, 2014 in New Delhi, of two hydroelectric plants in India.