India, UAE to increase trade by 60 percent in five years

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Gandhinagar, Jan 10 Prime Minister Narendra Modi on Tuesday met UAE Minister Rashid Ahmad bin Fahad on sidelines of the Vibrant Gujarat summit and agreed that bilateral trade must be increased by 60 percent over the next five years, an official said.

Modi expressed satisfaction at the increasing trade and economic ties with the UAE, said External Affairs Ministry spokesperson Vikas Swarup, adding increase in bilateral investment was also a top priority for the government. 

The Prime Minister identified railways, ports, airports and infrastructure sector as promising areas for UAE’s investment, he said. 

Modi also said that the ongoing discussions between the UAE’s sovereign wealth fund ADIA (Abu Dhabi Investment Authority) and India’s National Investment and Infrastructure Fund (NIIF) would yield early and fruitful results. 

He also pointed out the tremendous possibilities in cruise tourism, linking Goa, Mumbai, Gujarat and Dubai. The UAE side concurred and said they would scale up partnership with India in all these areas.

The UAE Minister, who is leading a 50-member delegation, also conveyed the greetings of the Prime Minister of Dubai and the Crown Prince of Abu Dhabi.