Indian PM Modi offers UAE $1tn investment options
Speaking at Abu Dhabi's Masdar City, Narendra Modi invited UAE businessmen and investors to India's energy, real estate and infrastructure sectors
Indian Prime Minister Narendra Modi invited the UAE to invest in his country, where opportunities worth $1tn are available in sectors such as infrastructure, energy and real estate.
Addressing business leaders from Masdar City in the UAE, Modi said: "On one hand India is growing fast and on the other hand, the world is looking at Asia. But is Asia complete without UAE?
"I can clearly see that the UAE should be at the centre of mainstream of things in Asia. UAE's power and India's potential can make it Asia's century," he added.
Modi said global financial institutions, such as World Bank, IMF, and Moody's agree that India is the world's fastest growing economy, and offers "huge development potential", Business Today reported.
Remarking on concerns expressed by UAE investors, Modi added: "I will send my Commerce Minister to try and find solutions to the problems faced by some UAE investors."
The investors told the prime minister that they need steps like single window clearance and cited cumbersome and complex processes for doing business in India.
Modi assured investors these issues would be resolved.
The businessmen also said that the government needs to be a strategic partner to create a conducive business environment for the investors who need safety of their investments.
Modi is in the UAE on a two-day visit, and met with HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, upon arriving in the capital city.