Inviting investors from UAE, Indian Prime Minister Narendra Modi Monday said India has an immediate investment opportunity of $1 trillion and the government will take urgent steps to address concerns of the businessmen from this country and erase “deficit of 34 years”.
Modi also said his government has got some problems in legacy and his immediate priority would be to kickstart the things which were stalled by the “indecisiveness and lethargy” of the past governments, PTI reported.
“I have got some problems in legacy. I cannot take only the good points and leave aside the problems... Some things were stalled due to the indecisiveness and lethargy of the past governments... It is my priority to kickstart those things,” Modi said while addressing the business leaders from the UAE here at the Masdar City.
Modi, who is the first Indian prime minister to visit UAE in the last 34 years, said India has huge investment opportunities for investors from the UAE in sectors like infrastructure, energy and real estate and urged them to come to invest in India and together make the 21st century ‘Asia’s Century’.
The prime minister said all major global institutions such as IMF, World Bank and Moody’s agree that India is the world’s fastest growing economy and it has huge development potential.
“On one hand India is growing fast and on the other hand, the world is looking at Asia. But is Asia complete without UAE? I can clearly see that the UAE should be at the center of mainstream of things in Asia. UAE’s power and India’s potential can make it Asia’s century,” he said.
Single Window Clearance
Modi said he has been told about some problems being faced by investors from the UAE and he wants to assure them that the government is solving those problems. “I will send my commerce minister to try and find solutions to the problems faced by some UAE investors,” he said.
Investors told the prime minister that they need steps like single window clearance and cited cumbersome and complex processes for doing business in India. To this, Modi assured that these problems will be resolved.
Businessmen also said that the government needs to be a strategic partner to create a conducive business environment for the investors who need safety of their investments.
The issue assumes significance as a number of investors, including some from the Middle East region, have in the past faced problems due to taxation and policy related issues.
Modi said he needs investments to build infrastructure for India’s growth and “there is immediate potential for investments totaling $1 trillion in India.”
Stating that he is well aware of the fact that $1 trillion is a big number, Modi said such investments can very well come to India as it has now got a decisive and stable government.
Modi said there are 700 flights between India and UAE, but it took 34 years for an Indian prime minister to visit. “I promise this will not happen again,” he said.
Investment Areas
Listing out investment areas, Modi said, “We want technology, speed and quality construction when it comes to housing. Low-cost housing is very important for us. “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... 1.25 billion people of India are not a market but they are a source of great strength.”
“In the agriculture sector we need cold storage network and warehousing network where UAE businesses have another advantage. Infrastructure development and real estate offer tremendous opportunities for UAE businesses in India. UAE’s power and India’s potential can make the dream of an Asian Century a reality.”
Addressing the roundtable meeting of business leaders at this planned city project in Abu Dhabi, which relies on solar energy and other renewable energy sources, Modi said several sectors including insurance, railways, defense manufacturing have been opened up for foreign investment in India.
Modi on Monday held a meeting with Crown Prince of Abu Dhabi Sheikh Mohammad bin Zayed al Nahyan. No details of their talks were available.
UAE is home to around 2.6 million expatriate Indians.
Oil Market
The United Arab Emirates is open to meeting any demand for oil from India, UAE Economy Minister Sultan bin Saeed al Mansouri told Reuters after his talks with Modi on Monday.
“India is importing oil now and the UAE is open to meet demand for any amount of oil from India,” Mansouri said, adding that the issue would be discussed further by representatives of the two sides. Abu Dhabi currently provides 9% of India’s energy needs and India is the world’s fourth biggest oil consumer.
