PM visits Emirates- Modi invites UAE: Invest $1 tn in infra, energy sectors

SEE: Narendra Modi takes tour of Masdar city in Abu Dhabi

He added that India now has a “decisive government with full majority”. In the past too, Modi had attacked the previous UPA government on foreign soil and promised investors that his government would address problems in areas where investors found it cumbersome to do business in India.

The Modi government is looking at massive investments from UAE to power its plan to build 100 hi-tech smart cities and 50 million homes as part of the affordable housing scheme. Besides, it wants foreign investment to boost its ‘Make in India’ project and sectors like renewable energy and ports. Modi told investors that sectors, including insurance, railways and defence manufacturing, have been opened up for foreign investment. Calling India a land of opportunity, he said that 125 crore Indians should be looked upon not just as a market, but also as a great power.

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“The Prime Minister told them that they should look at India as a long term investment, especially because India has a lot of investment needs. India needs probably $1 trillion worth of investments,” MEA spokesperson Vikas Swarup said. The Abu Dhabi Investment Authority, in particular, with its $800 billion sovereign wealth fund worth of capital is a source of investment which New Delhi would like to tap. He made it clear that UAE would be high on New Delhi’s foreign policy trajectory. He said that while there are 700 flights operating between India and the UAE every week, it was ironic that a prime ministerial visit took 34 years to materalise. He said it would not be allowed to happen again.

Talking business…PM @narendramodi meets investors. pic.twitter.com/PEpQssroxI

— PMO India (@PMOIndia) August 17, 2015

“We want technology, speed and quality construction when it comes to housing. Low cost housing is very important for us,” Modi said, adding there were “great growth possibilities in India”. The UAE business heads said they were apprehensive against the backdrop of problems faced by companies such as Etisalat, DP World and EMMAR in India. Bilateral trade between the two countries too dipped from about $75 billion to $59 billion recently after India imposed curbs on gold imports. The Prime Minister promised to send Minister of State for Commerce Nirmala Sitharaman to the UAE to try and find solutions to problems faced by investors.

Among those who met the PM were the heads of Etisalat, Emaar properties, Mubadala, Dubai Holding, NPCC, Etihad Airways, DP World, Abu Dhabi Investment Authority, Emirates Airlines and Noor Islamic Bank. They included Indian business leaders in UAE, such as Yusuff Ali of Lulu Emke Group and B R Shetty of NMC Healthcare.
On Sunday night, the PM attended a dinner hosted by Hamed bin Zayed Al Nahyan, the MD of Abu Dhabi Investment Authority, during which Modi outlined his government’s quest for investment.