Abu Dhabi became the platform for the seventh UAE-India High Level Joint Task Force on Investments, on 22nd September 2019.
Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA) and Chairman of Abu Dhabi Crown Prince’s Court and Piyush Goyal, Minister of Railways and Commerce & Industry, Government of India, co-chaired the meeting. Country senior officials from both the ends also participated in the meeting.
Promotion of economic ties between the two countries UAE-India was one of the main key reasons behind the establishment of the Task force as a key forum. Comprehensive Strategic Partnership Agreement signed in January 2017 by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Indian Prime Minister Narendra Modi was taken to a next corridor for implementation by the two countries and hence the Task Force has acquired new significance in promoting and facilitating investments between the two countries and in addressing mutual concerns. Progress made in mutually identified areas aimed at promoting bilateral trade and investments was expressed as satisfactory by the two sides, during the meeting. Indian side, during the meeting, has agreed to give an early consideration and mutually beneficial solution to the issue relating to the tax treatment of the ADIA wholly owned subsidiaries at the Abu Dhabi Global Market (ADGM), in a way that could facilitate ADIA’s investments in India.
Both sides discussed the implementation of bilateral agreements in the context of the Air Services Agreement between India and UAE and the memorandum of understanding with the Emirates of Abu Dhabi, Dubai, Ras-Al-Khaimah and Sharjah. Officials expressed their confidence in reaching mutually beneficial outcomes in the consultations that are planned to be held during the second half of October 2019. Importance of the bilateral and judicial cooperation was stressed by both sides in order to increase the favourable ecosystem of the business communities. ‘UAE PLUS’ special desk and the ‘Fast Track Mechanism’ established at the 6th HLTFI, made to facilitate investment and resolve issues related to UAE investment in India, were appreciated by the co-chairs.
The signing of a bilateral agreement for the promotion and protection of investments (now negotiated as BIT), UAE’s contribution to India’s strategic petroleum reserve, ADIA’s participation in India’s National Infrastructure Investment Fund as the first foreign institutional investor, were reviewed by the two countries and expressed as satisfactory due to the positive progress made by the task force since its creation in 2012.
“The activities of the UAE-India Joint Task Force have and will continue to play an important role in promoting bilateral investment and supporting our countries’ growth ambitions. By providing a platform to strengthen the dialogue between our countries, we have emerged with a deeper understanding of each other’s key goals and objectives, which has led to progress in a number of key areas. Bilateral trade and investment between the UAE and India is growing at an encouraging rate. Through the initiatives we discussed today, and others, we are confident this growth will continue.”said Sheikh Hamed bin Zayed Al Nahyan, who also expressed his appreciation for the positive role the Indian community has played in the UAE across various areas, which demonstrates the depth of friendship, trust and cooperation that has developed between both countries.
“UAE is one of the largest investors in India and one of our most important trading partners, and will also help India in our goal of becoming a USD 5 trillion economy. UAE-India High Level Joint Task Force on Investments is an important pillar of our deep economic relations. It is a platform to communicate our mutual requirements and vision for the future, and has helped boost bilateral investments and cooperation.”added Piyush Goyal.
Source: PIB
