Modi presents $1 trillion investment opportunites in India to UAE

Dubai - Economy Minister Sultan bin Saeed Al Mansoori said Modi presented proposals for investments in India worth $1 trillion.

Investors from the UAE are weighing opportunities in India in areas from energy to tourism, Economy Minister Sultan bin Saeed Al Mansoori said after talks with visiting Prime Minister Narendra Modi.
Modi, the first Indian premier to visit the UAE in more than three decades, on Monday met Al Mansoori and top executives from companies including DP World, Emaar Properties, Mubadala and Abu Dhabi National Oil Company. The UAE is India's third-biggest trade partner.
Modi said that India is seeking $1 trillion in investments globally, Al Mansoori told Bloomberg in Abu Dhabi. "The UAE could be a partner in part of this future growth of India," he said.
The prime minister is on a two-day trip to the UAE, the second-biggest Arab economy. More than 2 million Indians living in the UAE sent $12.6 billion to India in 2014.
UAE investors have faced challenges in India related to regulations and the business environment, Al Mansoori said. Modi said he'll send Commerce Minister Nirmala Sitharaman to the UAE to coordinate with investors interested in India, according to Al Mansoori.
"Tourism has a great potential we need to explore more," he said, citing hotels and theme parks as possibilities.
Al Mansoori said the UAE is open to meeting any demand for oil from India.
"India is importing oil now and the UAE is open to meet demand for any oil from India," he said, adding that the issue would be discussed further by representatives of the two sides. Abu Dhabi currently provides nine per cent of India's energy needs and India is the world's fourth biggest oil consumer.
Mansouri said Modi presented proposals for investments in India worth $1 trillion.
"The UAE can focus on certain areas such as infrastructure, railways, medical, tourism, real estate," Mansouri said, adding that the tourism sector had huge untapped potential but needed rules and regulations to develop it.
The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, is already an investor in India and further investment will depend on what India provides, Mansouri added.
"There's a new momentum in the relationship between the two countries in different areas, mainly economic and investments," Mansouri said.
"We are addressing some challenges of the past and creating a new vision for India-UAE in the future."
India is in talks to lease part of its planned strategic oil storage facilities to Abu Dhabi's state oil company Adnoc, Indian government sources said last year. India imports about 80 per cent of its oil needs and is building emergency storage capacity to hedge against energy security risks.
A UAE industry source said this week that negotiations between Adnoc and India were continuing but no final agreement had been reached yet.

Here are a few quotes by Modi, wooing investors on his official trips since he became PM:
Bhutan:
"Terrorism divides and tourism unites. Bhutan has rich potential for tourism to grow."
Brazil (addressing the BRICS summit:
"Economic forces are becoming increasingly important in global relationships. Domains like; Trade, Tourism, Technology, Tradition and Talent; have the power, to redefine existing paradigms."
Nepal:
"Nepal-India relations are as old as the Himalayas and the Ganga. Our relations have not moved forward with mere documents but through the heart of our peoples."
Japan:
"I have come to assure you that there is no red tape but red carpet in India. We have eased off lot of regulations."
United States:
"There was a time when India was considered a land of snake charmers,thanks to you people and Information technology that the perception about our country has changed."
Myanmar:
"Make in India is a new mission. We are placing as much emphasis on ease of doing business in India as we are on making policies attractive. I invite you to this new environment in India. Indian companies are also keep to invest in and trade with ASEAN."
Australia:
"Our objectives are same, that our youths get employment. For job creation, we are asking the world to come to India and invest. We started Make in India campaign. Good governance is needed, but the CEO of the company will come looking for quality of life."
Fiji:
"I want the whole world to invest in the manufacturing sector in India. A country that has many youngsters can contribute a lot to the world, that's why we started Make in India. Those who want to invest in India want to offer quality of life for its managerial people. Its our responsibility to give them that."
Seychelles:
"We stressed our support for expansion in our modest trade and investment relations. We are confident that we can achieve it, especially as Seychelles looks to a future in which information technology and services play an increasingly important role."
Mauritius:
"I consider our security cooperation to be a cornerstone of our strategic partnership. Our agreement on cooperation in Ocean Economy is an important step in deepening our scientific and economic partnership."
Sri Lanka:
"The world sees India as the new frontier of economic opportunity, but our neighbours should have the first claim on India."
France:
"We have re-energised the Indian growth engine. The credibility of our economy has been restored. India is once again poised for rapid growth and development."
Berlin, Hannover:
"We have re-energised the Indian growth engine. The credibility of our economy has been restored. India is once again poised for rapid growth and development...Once again I invite you to India. I assure you of my personal attention in your success while you are in India."

Canada:
"The agreement on procurement of uranium from Canada for our civilian nuclear power plants launches a new era of bilateral cooperation."
China:
"India and China conduct their international commerce on the same sea lanes. The security of sea lanes is vital for our two economies; and, our cooperation is essential to achieve it."
Mongolia:
"Mongolia's economic growth is impressive, our bilateral ties will also grow despite the distance and demands of geography."
South Korea:
"We intend to deepen our cooperation in defence technology and manufacture of defence equipment in India. This sector offers huge opportunities in India. I have requested President Park to support the participation of Korean companies in the defence sector in India. Her response has been positive."
Bangladesh:
"Indian investments in Bangladesh will help. I will also try to make trade smoother and easier, including at the border. The agreement on standards and testing is a step in that direction."
Uzbekistan:
"We agreed to intensify security cooperation and exchanges. The bilateral Joint Working Group on Counter Terrorism will meet later this year. We also agreed to strengthen cooperation in defence and cyber security."
Kazakhstan:
"Businessmen of both the countries could work together in space, cyber security, health and infrastructure, stressing that India-Kazakhstan partnership was a "win-win situation".
Russia (BRICS summit):
"Unilateral sanctions are hurting the global economy. So it is very essential that BRICS economies deepen their cooperation. BRICS should also work with other developed regions."  
Kyrgyzstan:
"We see an important place for Central Asia in India's future. We can reinforce each other's economic progress."
Tajikistan:
"We share deep historical, cultural and civilizational links.Tajikistan is nearest to India among all Central Asian countries. We are separated by a narrow corridor. Our linguistic links are the closest in Central Asia... We discussed measures to tap the rich potential in trade and commerce and to encourage joint ventures and investments."
- With inputs from agencies

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