The meeting was co-chaired on the UAE side by H H Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, and on the Indian side by HE Anand Sharma, Minister of Commerce, Industry and Textiles.
More than 50 government and private sector representatives from the UAE and India attended the meeting.
The taskforce was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate investments between the two countries.
The UAE and India are significant trading partners and bilateral trade between the two countries is expected to reach new record levels in years to come.
The meeting included a wide-ranging discussion on priority sectors of engagement for channeling investments in the two countries, areas of shared interest including the agreement in principle to put in place an Bilateral Investment Promotion and Protection Agreement (BIPA) and expedite its conclusion, as well as assistance and support of Governments of both countries for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
In order to progress these efforts, it was decided that working groups will be created to strengthen and develop bilateral relations in the investment fields and an agreement was reached between the two countries on the format and structure of future discussions, including the allocation of USD2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India.
“Today we have laid the groundwork for what I am confident will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India,” said HH Sheikh Hamed bin Zayed Al Nahyan.
Anand Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, urban infrastructure etc. and participation through the Infrastructure Debt Funds. He also highlighted India’s desire to participate in the cooperation in the oil and gas sector of UAE.
The next meeting of the UAE – India High Level Task Force on Investments will be held on a mutually agreed date and location.