Modi woos UAE, says India has $1 trillion investment potential

Prime Minister Narendra Modi on Monday wooed top UAE business honchos, saying India has the potential of $1 trillion investments and also promised to address the concerns of business persons.

Addressing an investors roundtable in Masdar City, a zero carbon city, Modi also promised to erase the deficit of prime ministerial interactions of the past 34 years. Former prime minister Indira Gandhi was the last Indian prime minister to visit in 1981.

He said that though there are 700 flights between India and the UAE but it took 34 years for an Indian prime minister to visit. "I promise this will not happen again," he said.

Taking pot shots at the previous UPA regime, Modi said he has "some problems in legacy" and that some measures were stalled due to the "indecisiveness and lethargy" of past governments.

"It is my priority to kickstart those things," Modi said.

Modi said he had been informed about some problems being faced by UAE business persons and added, "I want to assure we are solving these problems."

He said he will send Commerce Minister Nirmala Sitharaman to try and find solutions to the problems being faced by some UAE investors.

He said that "UAE's power and India's potential can make the dream of an Asian Century a reality".

"It is now commonly believed that India is one of the fastest growing economies. There are several opportunities of development in India. I feel India is a land of many opportunities. The 125 crore people of India are not a market but they are a source of great strength," he said.

Top corporate honchos attended the meet. "A Who's Who of UAE Business. UAE and Indian industrialists come together to meet PM @narendramodi," said ministry of external affairs spokesperson Vikas Swarup.

Those who attended the meet included Etisalat CEO Ahmed Abdulkarim Julfar and Emaar Properties chairperson Mohammed Ali Al Abbar.

Modi said that India now had a decisive government with full majority, and several sectors including insurance, railways, defence manufacturing have been opened up for foreign investment. He touched upon renewable energy, port-led development and low-cost housing as sectors with huge investment potential, said an official statement.

He said that if India and UAE work together, they can make the vision of an Asian century a reality. He said UAE would be the economic focus of the Asian century.

Earlier, he took a tour of Masdar City, a hub of clean technology.

He was accompanied on an hour-long visit of Masdar City by senior officials, who briefed him on various aspects of the project.

He travelled briefly on the PRT (Personnel Rapid Transit) car - a driver-less vehicle which runs from point to point on magnetic strips.

Modi also visited the Micro-Nano Fabrication Facility and the Microscopy Lab. He went on a brief walking tour of the city's public spaces and was informed about the sustainable building methodology and key architectural elements.