The Indian government has officially confirmed its consent to the signing and ratification of a bilateral investment agreement between New Delhi and Abu Dhabi.
The South Asian authorities hope that this agreement will increase investor confidence and expand opportunities to attract foreign capital. This is reported by Prensa Latina, a partner of TV BRICS.
They also believe that continued bilateral trade relations help create new jobs. For New Delhi, ratification of such an agreement with the UAE will help boost national manufacturing, reduce dependence on imports, increase exports and other aspects of economic development.
Following UAE President Mohamed bin Zayed Al Nahyan's visit to India to attend the Vibrant Gujarat 2024 event, India-UAE relations reached new heights.
During the occasion, Indian Prime Minister Narendra Modi and Al Nahyan witnessed the signing of four memoranda of cooperation in investment projects in healthcare, renewable energy and food park development.
With bilateral trade expected to reach US$85 billion by 2022-2023, the leaders expressed optimism of reaching the target of US$100 billion in non-oil trade well before 2030.
Photo: Prensa Latina