The UAE Delegation headed by His Excellency Mohammed Sharaf, UAE Assistant Minister of Foreign Affairs and International Cooperation for Economic and Trade Affairs called on Ms. Rita Teotia, Commerce Secretary, Government of India. His Excellency Sharaf was accompanied by His Excellency Dr. Ahmed A.R. AlBanna, UAE Ambassador to India for the meeting.
The two sides deliberated on a wide range of matters of mutual interest. His Excellency Mohammed Sharaf hailed the UAE – India bilateral economic relations, driven by twin pillars of trade and investment.
While this bilateral relationship has been stronger than ever, His Excellency Sharaf noted that it is an opportune time to elevate this bilateral relationship to a trilateral or multilateral level, through undertaking joint development investment projects, particularly in Africa, based on shared economic interests of UAE and India. His Excellency Dr. AlBanna, UAE Ambassador, also in agreement, said that the two countries could leverage on their inherent economic strengths and expertise, to take the relations to the next level.
For her part, Ms. Teotia welcomed the UAE Delegation and was pleased to note that UAE would be keen to expand its investment portfolio in India and jointly with India in other countries. The two sides noted that while the past one year has seen an increase of about US$ 1 billion, there is immense potential to further strengthen the investment ties.
The two sides also deliberated on the status of the ‘UAE – India Infrastructure Investment Fund’, which was announced during Indian Prime Minister’s Modi visit to UAE in August 2015. The Ambassador, for his part, apprised the Commerce Secretary that progressive talks have been held between the Abu Dhabi Investment Authority and Finance Ministry of India to mobilize up to $75 billion long-term investment in the National Investment and Infrastructure Fund (NIIF).
Among other matters, the issue of Anti-Dumping Investigations cases initiated by India against UAE as well as legacy issues concerning major UAE Companies investments in India were discussed. The Commerce Secretary of India assured her full support towards early resolution of pending matters.
H.E. Dr. AlBanna also noted that the UAE is looking forward to the meeting scheduled between the two concerned authorities to discuss mutual cooperation and information sharing in Anti-Dumping matters, in early December in New Delhi, as well as the next meeting of the UAE – India High Level Task Force on Investments, tentatively scheduled for early 2017 in Abu Dhabi.
Mr. Manoj Kumar Dwivedi, Joint Secretary (WANA), Ministry of Commerce & Industry, India and Mr. Arun Mahendru Balraj, Senior Development Officer, Department of Industrial Policy and Promotion, Ministry of Commerce & Industry, India, were amongst other officials present from the Indian side.
The meeting culminated on a positive note with both sides agreeing to resolve the impending issues and explore newer areas of mutual cooperation.