DP World Ltd’s Nhava Sheva port in Navi Mumbai. The UAE and India set up an infrastructure investment fund with a target of $75 billion when Modi visited the UAE in August last year.
Abu Dhabi: The UAE’s investments in India have increased to nearly $1 billion (Dh3.67 billion) over the past year as bilateral trade between the two countries strengthen, Indian ambassador to the UAE T.P Seetharam told Gulf News.
“The UAE, which used to be the tenth largest investor in India is now the seventh largest investor with the investments from the country going up to about one billion dollars in the last one year,” he said.
The total foreign direct investment inflows from the UAE to India stood at $4.03 billion ending March 2016, from April 2000, said Seetharam citing official figures.
He attributed the rise in investment figures to a good economic climate in India and also due to growing ties between the two countries following the visit of Indian Prime Minister Narendra Modi to the UAE in August last year. UAE leaders have made subsequent visits to India since.
UAE’s Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan visited India in September and His Highness Shaikh Mohammad Bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces visited India in February this year.
More Info: GulfNews