India and UAE have agreed to take their trade and investment relations to another level. UAE has decided to invest $2 billion in Infrastructure Sector projects in India and the two countries have decided to work for and support Strategic Oil Reserve in India. A slew of decisions were taken at the first meeting of India-UAE High Level Task Force on Investment in Abu Dhabi on Monday. The meeting was co -chaired by the Union Minister of Commerce, Industries and Textiles, Anand Sharma and Sheikh Hamid Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court.

Commerce Minister Anand Sharma said that there has been an express response to investment in infrastructure sector projects in India and to begin with UAE will invest $2 billion in Infrastructure Sector projects in India. The two countries have decided to work for and support Strategic Oil Reserve in India. Five high level sub committees will be set up to promote investment in infrastructure and energy, trade and investment, manufacturing and technology, Information and communications technology and aviation sectors. India and UAE have also decided to work together for third country projects, including Africa aimed at collaborating in the infrastructure sector and oil and gas exploration. The two countries have also agreed to put in place Bilateral Investment Promotion and Protection Agreement. Referring to the concerns raised by the UAE government about the issues related to investments by the UAE based companies in India ; he said that a joint committee with terms of reference will be set up to address the outstanding issues within the parameters of Indian law.