India has decided to set up a high-level joint task force on investment which will also look into securing more oil supplies from UAE . Sheikh Hamad bin Zayed al Nahyan, the Managing Director of the Abu Dhabi Investment Authority and Commerce and Industries and Textiles Minister Anand Sharma will be leading the respective sides of the High Level Task Force.
The decision was taken following wide ranging discussions between External Affairs minister S M Krishna and his counterpart from UAE Sheikh Abdullah bin Zayed Al Nahyan in New Delhi today.Noting that the United Arab Emirates’ leadership is now keen to address the issue of investments to bring it on par with the multi-faceted relations the two countries enjoy in all other sectors,Mr. Krishna said the High Level Joint Task Force will explore further opportunities in investments.
Besides oil, UAE is also looking at investment opportunities in sectors like petrochemicals. Abu Dhabi Investment Authority (ADIA), one of the world's biggest sovereign wealth funds, is looking at investment opportunities
in India, particularly in the real estate sector.
Both the leaders held wide-range of discussions on international, regional and bilateral issues including ways to boost trade ties, maritime security cooperation to tackle piracy and Indo-Pak ties.
In a joint press conference,Mr. Krishna said, the need to increase import of oil and other energy sources is of
extreme critical importance and in UAE is a dependable supplier.
On its part, the UAE minister assured New Delhi that his country, which is one of the largest suppliers of crude oil, saying would like to see more UAE energy exports to India especially when it comes to crude oil. He said that UAE will like to increase its presence in downstream investments in India, including petrochemicals.
The two sides also discussed forthcoming 3rd India-Arab Economic Conclave to be hosted in Abu Dhabi on 21-22 May and the proposed 'Road Show' on investment in Abu Dhabi and Dubai
that Indian officials intend to undertake in June to exchange
information and clarify issues related to the investment climate in India.
Among other issues that figured in talks, included situation in WestAsia, Iran's nuclear programme, Afghanistan
and Indo-Pak relations.The UAE minister also said that he was pleased to see the developing vibrant Indo-Pak ties.
