Narendra Modi: Relations between the UAE and India are at their best ever

Abu Dhabi 24-08-2019

The Indian prime minister said that relations between the UAE and India are at their best ever and that his country finds in the United Arab Emirates an important partner to realize its ambitious dream of reaching an economy size of more than $ 5 trillion through a mutually beneficial partnership.

“India has embarked on this ambitious and achievable path by 2024-2025,” he told the official WAM news agency on the occasion of his two-day state visit.

“We are targeting US $ 1.7 trillion in investments over the next five years. To achieve this vision, the government is working to encourage investment flows from domestic and foreign sources,” he said.

“There has been a growing interest in investments in India in sectors such as renewable energy, food, ports, defense airports and other areas,” he said, citing UAE investments in sectors such as infrastructure are improving.

He said that the UAE is the country’s third largest trading partner with around $ 60 billion in 2018-2019 and many of our companies are investing here in the UAE.

He highlighted the importance of the comprehensive strategic partnership agreement signed during the visit of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces to India in January 2017 as the main guest of India on the Republic day .. He said: Since then we have made tremendous progress in the implementation of the agreements signed in Key areas including defense, security, infrastructure investment and energy. “Our relations are truly multidimensional.”

The Indian Prime Minister praised the leadership role played by His Highness Sheikh Mohammed bin Zayed in pushing forward the growing partnership between the two countries, stressing that his third visit to the UAE will witness the exchange of views to boost cooperation between the two sides. “In this regard, I am proud of the steady growth in the relationship between the two countries,” he said, noting that the visit will see discussions on the latest regional and international developments.

Regarding the Indian community in the UAE, Moody said: “We are delighted with the rich contribution of the Indian community in building a modern, diversified country and we are proud to appreciate the wise leadership of the Indian community in the country.

He added that in addition to the strong contribution of remittances from the Indian community and their support to Indian families, we note a steady increase in investments made by Indian businessmen working in the UAE within India.

In this regard, the Indian Prime Minister thanked the facilities provided by the wise leadership of the Indian community, including the provision of long-term residence visas.

Regarding the global economic landscape, he said that the global economy faces many challenges, but the last five years have given him confidence that “the Indian economy and people have all the ingredients to be able to cope and overcome those challenges.”

He noted that over the past five years, India has experienced the highest average growth and the lowest average inflation over the past five decades, and has seen significant improvement according to global competitiveness reports such as indicators of ease of doing business and innovation, making India an important engine in the global economy.

He said that India’s skilled workforce and the rapid growth of infrastructure are among the reasons for our optimism. Work related to foreign direct investment to make investment in India more profitable.

Over the past few years, he said, India has become “the fastest major economy in the world” and that all macroeconomic parameters such as the current account deficit, fiscal deficit and inflation have fallen to acceptable levels.

.