India’s Modi proposes $1 trillion worth of investments to UAE during visit
Indian Prime Minister Narendra Modi said several sectors in the UAE have untapped potential and need developing. (AFP/Findlay Kember)
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Indian Prime Minister Narendra Modi has presented proposals for investments in India worth $1 trillion during a meeting with investors in Abu Dhabi, UAE.
Modi also met the UAE economy minister Sultan bin Saeed al-Mansouri, during the second day of his official visit to the country.
"The UAE can focus on certain areas such as infrastructure, railways, medical, tourism, real estate," al-Mansouri said after the meeting, adding that the tourism sector had huge untapped potential but needed rules and regulations to develop it.
The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, is already an investor in India and further investment will depend on what India provides, al-Mansouri added.
Modi said he would send India's minister of commerce to the UAE shortly to discuss investment, the UAE minister said.
The UAE is open to meeting any demand for oil from India, al-Mansouri told Reuters.
"India is importing oil now and the UAE is open to meet demand for any oil from India," al-Mansouri said, adding that the issue would be discussed further by representatives of the two sides. Abu Dhabi currently provides 9 percent of India's energy needs and India is the world's fourth biggest oil consumer.
"There's a new momentum in the relationship between the two countries in different areas, mainly economic and investments," al-Mansouri said. "We are addressing some challenges of the past and creating a new vision for India-UAE in the future."
India is in talks to lease part of its planned strategic oil storage facilities to Abu Dhabi's state oil company Adnoc, Indian government sources said last year. India imports about 80 percent of its oil needs and is building emergency storage capacity to hedge against energy security risks.
A UAE industry source said this week that negotiations between Adnoc and India were continuing but no final agreement had been reached yet.
Speaking at the investors' meet, Modi said: "I feel India is a land of many opportunities. 125 crore (1.25 billion) people of India are not a market but they are a source of great strength," he said.
Modi said UAE's power and India's potential can make the dream of an Asian Century a reality.
Modi said in the agriculture sector India needs cold storage and warehouse networks, where UAE businesses have an advantage.
Modi also paid a visit to Masdar City, which relies on renewable energy sources for its needs.
Modi will later in the day address the Indian communtiy at a massive event in Dubai Sports City.
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