Earlier in the day, Modi addressed business leaders from the UAE and said India offers investment potential to the tune of $1 trillion and invited them to invest in the country.
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India is eager for foreign capital and technology to develop its economy while the UAE, one of the richest of the Gulf Arab energy exporters, wants to use overseas investments to diversify its asset base beyond oil.
Prime Minister Narendra Modi and Crown Prince Mohamed Bin Zayed AI Nahyan have agreed to “promote strategic partnership in the energy sector, including through UAE’s participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries”.
“The dynamism of the 2 nations have translated right into a quickly increasing financial partnership, making India UAE’s second largest buying and selling associate; and UAE not solely India’s third largest buying and selling associate, but in addition India’s gateway to the area and past”, the assertion stated.
He was referring to Pakistan blocking key proposals backed by India to integrate energy grids and free up road and rail movement at a meeting in Nepal last year of the member nations of the South Asian Association of Regional Cooperation or SAARC. The joint statement lists a series of engagements between the NSAs and National Security Councils of the two countries, stipulating that they will meet “at least once in six months” and push for “further points of contacts between their security agencies”. Coordinate efforts to counter radicalisation and misuse of religion by groups and countries for inciting hatred perpetrating and justifying terrorism or pursuing political aims.
To bolster economic ties, the UAE on Monday agreed to enhance its investments in India to $75 billion (about Rs 5 lakh crore), including through a dedicated infrastructure fund, while the two nations will also raise bilateral trade by 60 per cent in the next five years.
Both sides will facilitate regular exchanges of religious scholars and intellectuals and organise conferences and seminars to promote the values of peace, tolerance, inclusiveness and welfare that is inherent in all religions, it added.
Both countries have been in conflict with Islamist militants, and the statement undertook to increase cooperation in counter-terrorism operations and intelligence sharing.
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Work together to control, regulate and share information on flow of funds that could have a bearing on radicalization activities and cooperate in interdicting illegal flows and take action against concerned individuals and organizations, the statement said. Cooperate in manufacture of defence equipment in India. Promote cooperation in cyber security including prevention of use of cyber space for terrorism radicalisation and disturbing social harmony DEFENCE.
