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Wed 1 Nov 2017 08:41 AM

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UAE, Indian businesses pledge $1 billion investments

India-United Arab Emirates Partnership Summit saw investment pledges in railway and maritime sectors

UAE, Indian businesses pledge $1 billion investments
More than 20 investors and businessmen from the UAE and India pledged to launch investments worth $1 billion, following a two-day summit bedtween the two countries in Dubai.

More than 20 investors and businessmen from the UAE and India pledged to launch investments worth $1 billion, following a two-day summit bedtween the two countries in Dubai. 

The India-United Arab Emirates Partnership Summit saw a number of high-prfoile speakers, including Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development.

He said his minstry is greater collaboration in the UAE’s railway and maritime development.

"We are going to invest $60 billion in maritime sector to raise its contribution from 5 percent now to 25 percent to the UAE’s GDP in the next ten years. We need India’s expertise in our journey and that’s where our strategic partnership will be more meaningful," Al Nuaimi said.

Nitin Gadkari, India’s Union Minister for Roads, Highways, Transport, Maritime and Water Resources, invited UAE investors to take up projects from a selection of hundreds of new development projects under the Sagarmala and Bharatmala initiatives. 

"We are currently constructing 28 kilometres of road per day, up from 2 kilometres per day three years ago and our target is to reach 40 kilometres of road construction per day in the next few years," Nitin Gadkari told the IUPS delegates through a video message.

He invited UAE investors to participate in the Ganga rejuvenation programme worth about AED2.5 billion ($680m), as well as in the ports and inland waterways development.

"India in currently undergoing a major economic development and reform programme – which needs foreign participation, especially from our Emirati and NRI investors," Gadkari said. 

"We consider the UAE as a major development and strategic partner in our development and we want them to benefit from the opportunities that India is offering."

The two-day summit also saw participation from four Indian states, including Telengana, Manipur, Jammu and Kashmir and Uttar Pradesh, who have offered a number of viable economic projects for UAE investment.