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India seeking UAE investment for Delhi, Mumbai Industrial Corridor

DUBAI: India is seeking investments from the United Arab Emirates (UAE) to modernise its infrastructure and expand trade ties. The visiting minister of commerce and industry Kamal Nath said at a press conference that India was encouraging the UAE to invest in the $92 billion Delhi Mumbai Industrial Corridor (DMIC).

He pointed out that several funding models were under scrutiny for the development of the DMIC. He added that massive commercial investments were required for the construction of roads, power generation and other utilities. Mr. Kamal Nath said that the basic framework to promote investments between India and the UAE was already in place. The India-UAE Investment Council set up during the visit to India by UAE’s Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum is expected to convene within the next six months.

The dates for the next meeting of the bilateral Trade Policy Forum were also being fixed. The minister pointed out that the signing of the India-GCC (Gulf Cooperation Council) Free Trade Area agreement had been delayed because of administrative reasons. “The same set of people are involved in FTA talk s with several countries including the European Union (EU) and Korea,” he observed. Mr. Kamal Nath said that progress on the finalisation of FTA with the GCC was expected within six months. Saudi Arabia, Qatar, Bahrain, UAE, Kuwait and Oman comprise the GCC. Trade between India and the UAE was burgeoning and had reached $20 billion in 2006-07, the minister said.

Asked about the problems in India’s rice exports to the UAE, the minister said that the decision on restricting exports to the Gulf would be reviewed in the light of the quantum yielded by the upcoming rice crop in Andhra Pradesh.

Mr. Kamal Nath said that inflation in India would be arrested soon due to the steps taken regarding monetary policy and the management of the economy. “We see that inflation has been contained and has peaked out. The monetary policy and other steps that we have taken will now yield results,” he observed.

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