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Noting that the balance of trade and business is tilting towards the East, UAE's Minister of Economy Sultan bin Saeed Al Mansouri has said the nation is optimistic in investing in India's infrastructure and manufacturing industries, adding that the strong trade relations with New Delhi has been an integral part of its leadership's strategy.
"We are optimistic and very positive of the relationship between UAE and India and very encouraged by the signs of relationship that we have had over the past few years. It has actually expedited even faster. What we need to do it is that we need to keep up with that pace and one of the important aspects of it is the economic and trade relationship between two sides. It is a very integral part of the strategy of our leadership," Mansouri told ANI.
He said India needs to set up an investment avenue whereby bottlenecks are cleared for the smooth flow of investments.
"One of the areas which are smooth and moving is the infrastructure. I think it's a challenge for Indian businesses and industries are. This is something which we need lot of investments. And the model of investment cannot be done by the state at the end of the day. It has to be a model of Investment Avenue and that is what is being done all over the world today," he added.
Taking note of the land acquisition issue in India, Mansouri said the government has to make the whole system transparent to make way for free-flow of investments.
"In India there are number of states and in some of their states they have their issue concerning land acquisition, and that has to be taken into consideration," he added.
The minister said with the UAE's 'know-how' expertise, India can develop its infrastructure sector and can develop ports, highways and railway system.
"It needs investments in ports, highways, railway system and airports and so on and India has the ability and capability to do that, but it also needs partners and we have expertise. If you look at the facilities that have developed here, we have the know-how and we have the ability to adopt according to the places we do business with. So, infrastructure is very important part that we could really very much be interested in," he added.
"Agriculture is very important to us and we already had some discussion on that regard. India and UAE can act as a major storage and redistribution for a lot of the agricultural products from India, including rice that could be major redistribution center for the rest of the region," he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)