Dubai, Mar 10: The United Arab Emirates (UAE) is considering investing 20 billion dollars in Indian infrastructure projects, news reports said today. Apex industry groupings of the two countries have also agreed to form a sub-committee to facilitate economic activities in engineering, healthcare, tourism and oil and gas sectors besides infrastructure, A C Muthiah, immediate past president of FICCI, was quoted by official news agency WAM as saying.

At the end of the India-UAE joint business council meeting in Abu Dhabi yesterday, the federation of UAE Chambers of Commerce and Industry and the Federation of Indian Chambers of Commerce and Industry (FICCI) agreed to form the sub-committee to enhance business and investments, he said. Other areas for co-operation include utilisation of Indian engineering and entrepreneurial expertise in UAE projects, joint ventures in the healthcare sector, cooperation in it, training programmes for UAE national students in Indian firms which are members of FICCI and joint ventures in downstream projects related to the oil and gas sector.

The meeting also discussed in detail the scope for two-way investments, ways to remove bottlenecks, exchange of delegations, exploration of economic opportunities in both the countries, better exposure to new products and technologies and means to facilitate more participation in trade fairs in both countries.

Sectoral level discussions were also held and MOUs were being signed by the visiting FICCI delegation with Chambers of Commerce in Dubai and Sharjah, Dr Mutthiah said. FICCI also signed an MoU with the UAE-based Indian Business and Professional Group (IBPG) to facilitate economic activities in the region, it said.

Bureau Report