Modi waves $1t India investment card for UAE
Infrastructure and renewable energy are ripe for investment.
Indian Prime Minister Narendra Modi has invited the UAE's business community to take advantage of immediate investment opportunities worth $1 trillion in India.
He said the UAE has more than 700 direct weekly flights to India, yet it took an Indian prime minister 34 years to pay a visit. "I promise you it won't happen in the future," he told the meeting, attended by the who's who of the UAE business community.
Modi said that since arriving in the UAE on Sunday, he felt that 34 years have been wasted as his country did not tap the immense potential of bilateral relations.
Modi co-chaired a meeting with Sultan bin Saeed Al Mansouri, UAE Minister of Economy, which was also attended by top chief executives and senior businessmen representing Abu Dhabi National Oil Company (Adnoc), etisalat, DP World, Emaar Properties, Aldar Properties, Abu Dhabi Commercial Bank, Al Mashraq, Etihad Rail, Emirates Investment Authority, Emirates Airlines, Etihad Airways, etc., and Mohammed Thani Al Rumaithi, chairman of Abu Dhabi Chamber of Commerce and Industry.
The Indian business community was also present in full force, including Yusuffali M.A., managing director of Lulu Group, Dr B.R. Shetty, CEO of NMC Group, Ram Buxani of ITL Group, Dr Azad Moopan, chairman and managing director of Aster DM Healthcare, Dr Shamsheer Vayalil Parambath, founder and managing director of VPS Healthcare group, J.R. Gangaramani, founder of Al Fara'a Group, among others.
Admitting that past governments in India were slow and indecisive, Modi said his regime is taking all possible measures to boost economic development.
He said India, a nation of 1.25 billion people, is not only a market but also "a great force". International institutions like the World Bank, International Monetary Fund and credit rating agencies are positive on India's economic growth potential.
Modi said the UAE's power and India's potential together can make the 21st century a century of Asia.
The prime minister said the UAE's hospitality industry has given a big boost to tourism. The UAE can help India in this sector. Modi said India needs 188 gigawatts of electric power generation capacity in renewable energy in seven years.
He said his government has big plans in infrastructure development. "By 2022, I want to build 50 million affordable houses."
Modi said his government allowed foreign investment into building railway infrastructure. There are plans to convert 500 railway stations across the country into business hubs.
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