UAE to augment investment in India

UAE to augment investment  in India

The United Arab Emirates (UAE) on Thursday pledged to substantially augment investments in India, even as the two countries agreed to step up cooperation to combat terrorism.

A meeting between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan was followed by the signing of seven agreements for cooperation in diverse fields, including cyber security, infrastructure investment, renewable energy, insurance, culture, skill development and space cooperation.

The most prominent among the pacts signed on Thursday was a Memorandum of Understanding to set up a bilateral Infrastructure Investment Fund, which is aimed at augmenting UAE investment to infrastructure sector in India up to $75 billion, especially in railways, ports, roads, airports and industrial corridors and parks.

The Indian Space Research Organization also inked an MoU with its counterpart in the United Arab Emirates – committing itself to help launch what is going to be the Arab world’s first mission to Mars.

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