Dubai: In a big boost to India's infrastructure development, United Arab Emirates has decided to invest Rs 4.5 lakh crore in India, Prime Minister Narendra Modi told a packed cricket stadium in Dubai.
“Crown Prince has promised an investment of 4.5 lakh crores in India,” said PM Modi, inviting loud cheers from the crowd.
"If there is no trust, no one will invest Rs. 10 in you. It is the respect that India has earned for itself that it is being accepted world-wide," Modi said while thanking his hosts for hospitality, affection and trust shown to him.
Earlier in the day, both the countries, in a joint statement laid down the roadmap for infrastructure development in India.
“Recognising India as an emerging frontier of business opportunities, it was decided that UAE would step up its investment in India including through the establishment of UAE-India Infrastructure Investment Fund, with the aim of reaching a target of USD 75 billion,” said the statement.
The sectors identified for UAE's investment include railways, ports, roads, airports and industrial corridors and parks.
The two leaders agreed to elevate India-UAE relationship to a "comprehensive strategic partnership" and chart out a new course for cooperation in key areas like defence, security, trade, maritime security and intelligence sharing.
The statement said the leaders agreed to promote strategic partnership in the energy sector, including through UAE's participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries.