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India, UAE discuss ways to enhance economic ties

Press Trust of India  |  New Delhi 

A high level delegation from UAE today met Commerce and Industry Minister Suresh Prabhu to discuss ways to further boost economic ties between the two countries.

The Abu Dhabi delegation was led by Ahmad Sultan Alfalahi, Commercial Attache in the Embassy of the United Arab Emirates here.

The ministry in a statement said that the meeting assumes significance as Prime Minister Narendra Modi is visiting the UAE for the World Government Summit (WSG) from February 11-13.

"The Prime Minister's tour will explore areas to further India's reach to the Arab countries and also expand strategic partnerships in this region," it said.

It added that UAE has already announced plans to invest USD 75 billion over 10 years for India's growing infrastructure projects.

The UAE delegation stated that it no longer wishes to continue as an oil-based economy and it is rapidly moving on the path of becoming a knowledge based economy.

The trade between the two sides has increased to USD 52.68 billion in 2016-17 from USD 49.73 billion in the previous fiscal.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 05 2018. 20:10 IST