Dubai: Seeking to boost mutual cooperation, India and UAE discussed the possibility of early conclusion of an investment protection pact during the visit of Finance Minister P Chidambaram to the Gulf's financial hub.
The issue of early conclusion of the Bilateral Investment Promotion and Protection Agreement (BIPA) was discussed between the visiting minister and Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces.
BIPA, according to sources, is aimed at encouraging flow of investments into India, especially in the infrastructure sector.
Chidambaram, according to a statement issued by the Indian embassy, "assured that Indian Government would look into some of the issues faced by UAE investments in India".
During his day-long visit on Sunday, Chidambaram also met Sheikh Hamdan bin Rashid Al Maktoum, UAE Finance Minister and Sheikh Hamed bin Zayed Al Nahyan, Managing Director, Abu Dhabi Investment Authority (ADIA).
Chidambaram emphasised during the meetings that while the bilateral trade had reached USD 75 billion in 2012-2013, bilateral investments had not matched the level of trade.
The Minister briefed the UAE leaders about the advantages of investment in India, especially in infrastructure, equities and debt funds and corporate bonds.
He also sought investments from the Abu Dhabi sovereign funds ADIA.
The UAE leaders expressed confidence in the growth story of India and felt that the removal of minor obstacles would lead to significant increase in UAE investments in India, the statement added.
First Published: Monday, May 27, 2013, 20:10