India invites UAE investments in infrastructure
Dubai: Commerce and Industry Minister Anand Sharma Sunday urged the Abu Dhabi sovereign wealth fund and UAE-based companies to invest in India's infrastructure sector, especially in aviation, telecom, ports and road transport.
Sharma, who is on an official visit to the United Arab Emirates (UAE), met investors and senior officials, including the UAE's Foreign Trade Minister Sheikha Lubna bint Khalid al Qasimi, and discussed the investment opportunities in India.
During the meeting, Sharma said the Indian government was committed to provide "stability" and "predictability" in tax regulations.
"The government is working on it and Goods and Services Tax (GST) is being pushed with all sincerity," Sharma said in his keynote address at the India Business Meet here.
The minister emphasised on the need for increased investments from UAE in India, especially in infrastructure sector such as power and utilities, roads and highways, ports, aviation, telecommunications and urban infrastructure.
"India is committed to strengthening and expanding cooperation with UAE in other sectors such as construction, downstream products in the petroleum and natural gas sector, agriculture and food processing, science and technology, renewable energy, IT, education, training, health and financial services," he said.
Sharma said India and the UAE have set up a high-level task force in a bid to enhance economic engagement between the two countries.
The task force will be co-chaired by the head of the Abu Dhabi Investment Authority, Sheikh Hamed bin Zayed al Nehayan, and Sharma.
"I am leading a strong delegation for the first meeting of the task force from India to take the cooperation to a new level," Sharma said. The first meeting of the task force will be held here Monday.