By Staff writer
Rise attributed to a good economic climate in India and growing ties with UAE
The UAE’s Indian investments have risen by a reported $1 billion (Dh3.67 billion) over the past year as bilateral trade between the two countries strengthens
Total foreign direct investment inflows to India stood at $4.03 billion from April 2000 to March 2016, reported Gulf News.
“The UAE, which used to be the tenth largest investor in India, is now the seventh-largest investor, with investments from the country going up to about one billion dollars in the past year,” said TP Seethara, Indian ambassador to the UAE.
The rise in investment figures was attributed to a good economic climate in India and growing ties between the two countries following the visit of Indian Prime Minister Narendra Modi to the UAE in August 2015.
UAE Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan visited India in September 2015 and His Highness Shaikh Mohammad Bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces visited India in February.
The two countries set up the UAE-India Infrastructure Investment Fund with a target of $75 billion (Dh275 billion) when Modi visited the UAE in August 2015.