Dubai: UAE has decided to raise their investments in India which would be more than what China and Japan have invested in the country so far.
The fund plans to raise up to USD 75 billion to support investment in India's rapid expansion of next generation infrastructure, particularly in railways, ports, roads, airports, industrial corridors and parks, an official statement said here on Monday.
"Recognising that India is emerging as the new frontier of investment opportunities, especially with the new initiatives by the Government to facilitate trade and investment, encourage the investment institutions of UAE to raise their investments in India, including through the establishment of UAE-India Infrastructure Investment Fund, with the aim of reaching a target of USD 75 billion to support investment in India's plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks," said the joint statement between India and the UAE.
Prime Minister Narendra Modi, during his visit to UAE, had urged top businessmen to invest in India and had offered $1 trillion investment opportunity.
One of the world's largest sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA) has expressed its keenness to invest more in India's infrastructure sector. ADIA is already an investor in India and sees India as an attractive investment destination.
Modi and Crown Prince Mohamed Bin Zayed AI Nahyan also agreed to facilitate participation of Indian companies in infrastructure development in the UAE.
Both sides also agreed to further promote trade between the two countries and use their respective locations and infrastructure for expanding trade in the region with the target of increasing trade by 60 per cent in the next five years.
Also, the two sides decided to strengthen cooperation between educational institutions and higher research institutions.