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India, UAE compliment each other in areas of business growth

October 29th, 2017 | Esther Parimala | Tags:

Oct 27, 2017

India and the UAE compliment each other in areas of business growth and the private sectors are ready to support the two governments, a top company executive has said here.
The UAE is the 10th largest FDI source market for India with cumulative FDI reaching USD 4.76 billion in the last 17 years from April 2000 till March 2017.
India's National Investment and Infrastructure Fund (NIIF) signed an investment agreement worth USD 1 billion with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
As part of the agreement, ADIA will become the first institutional investor in NIIF's Master Fund and a shareholder in National Investment and Infrastructure Limited, the NIIF s investment management company.
The move is widely seen as part of the USD 75 billion investment programme announced by the UAE in August 2015 during a visit by Prime Minister Narendra Modi to Abu Dhabi.
This marks a new beginning in our bilateral relationship that is going to be more specific and strategic in the years to come where India and the UAE compliments each other on areas of future growth and national security, said Dr Azad Moopen, President of Business Leaders Forum and Founder Chairman of Aster DM Healthcare Group.

Source: The Economic Times

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