India eyes investments from Abu Dhabi 

The crown prince and PM Modi will have a private meeting on Thursday before bilateral delegation-level talks that are likely to see inking of several agreements

Abu Dhabi’s Crown Prince Sheikh Mohamed bin Zayed Al Nahyan landed in New Delhi on Wednesday for a three-day state visit. India hopes to seek more investments from the United Arab Emirates (UAE), particularly from the $800-billion sovereign wealth fund of the Abu Dhabi Investment Authority, during his visit.

In a rare shift from protocol, the crown prince and Prime Minister Narendra Modi will have a “private meeting” on Thursday before bilateral delegation-level talks that are likely to see inking of several agreements. President Pranab Mukherjee will host a private lunch for Al Nahyan on Thursday.

Ministry of External Affairs Secretary Anil Wadhwa said he could not recall such a gesture by the President in recent times. The crown prince will also have a working dinner with the prime minister. Al Nahyan is also the country’s Deputy Supreme Commander of the armed forces.

New Delhi hopes UAE would significantly increase its investments in India. A sharp fall in the price of crude oil has had an impact on the UAE, one of the largest producers of oil. India would like the UAE to invest in its infrastructure sector, including railways, ports and roads. Joint production of defence equipment is another key area where both the countries are working hard. Under the initiative, UAE may invest in manufacturing such equipment in India.

The crown prince is accompanied by a 100-member business delegation, including chief executive officers of top companies. Al Nahyan will travel to Mumbai on Friday where he will visit the BSE and interact with select industry leaders before departing.

Source: Business Standard

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