Talks on setting up the $75 billion (AED275.25bn) UAE-India infrastructure investment fund are continuing, Indian Consul General in Dubai has revealed.
The fund, which was first proposed in 2015 when Indian Prime Minister Narendra Modi visited the UAE, aims to invest in India’s railways, ports, roads and other projects. The overall investment will be spread over a 10-year period.
However, local media reports blamed New Delhi’s failure to put necessary governance structures in place for the delay.
Speaking to Arabian Business, Indian Consul General Vipul (who uses his first name only) confirmed progress is being made on the fund with a UAE delegation visiting India.
“A UAE delegation recently visited India to discuss the issue of establishing the fund with its Indian counterparts,” he said, without disclosing the details of the talks or when the fund will finally invest.
Vipul also disclosed many Indian-owned UAE business along with other UAE business have shown interest in setting up operations, or investing in Indian companies.
“Investors and companies are interested in retail, hospitality, defence and space sector.”
The UAE is India’s third largest trading partner after China and the US, with bilateral trade reaching $50bn [AED83.50bn] for 2015-16, according to the Indian Embassy in Abu Dhabi.
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