The third round of India Arab Partnership Conference came to a close in Abu Dhabi on Wednesday with the adoption of Abu Dhabi Declaration. India and the Arab nations have agreed upon setting up of Arab-India financing institutions to facilitate banking transactions and encourage investments.

Addressing a press conference at the end of the two day conference, Arab League Deputy Chief Ahmad Ben Halli said strong India-Arab ties is the need of the hour and sought India’s technological support for development in the region.

AIR West Asia Correspondent reports, the Abu Dhabi Declaration calls for expanding trade and investment between India and Arab world by setting up Arab India financing institutions. It will facilitate banking transactions and encourage investment to enhance the bilateral trade beyond the level of $144 billion in 2011.

Investment opportunities in Arab countries and India in small and medium enterprises, infrastructure, trade, manufacturing , tourism, mining, telecom and Information Technology ,agriculture and food security have been identified as holding lots of potential at bilateral and ministerial level of talks.

On the political front, the Arab nations appreciated India’s support for the just cause of Palestinian people and other Arab issues.

The two day Conference was organized by FICCI and Abu Dhabi Chambers of Commerce and Industry in collaboration with the Ministry of External Affairs, UAE Foreign Ministry and Arab League.