DUBAI, Mar 26: India and the UAE are working towards giving the final shape to a Bilateral Investment Promotion and Protection Agreement (Bippa) to enhance investments between the two countries, the Department of Economic Development (DED) here has said.
The agreement is aimed at driving investments into India from the UAE across different sectors, including construction, downstream manufacturing in the petroleum and natural gas sector, as well as agriculture and food processing, said a news report.
“With the liberation of key sectors in India, there are increasing opportunities for the UAE to invest in the country. India is UAE’s largest trading partner with trade ties spanning generations.
“This agreement will enhance the economic ties between the two countries further,” Saed Al Awadi, CEO of Dubai Export, an agency of the Department of Economic Development Department in Dubai, was quoted as saying by Gulf News.
The UAE’s investments in India are focused mainly in the power, metal industries, construction, services and information and communications technology (ICT) sectors.
The Indian community is the largest in the UAE, both in terms of population and business, contributing significantly to the national economy, and in particular, that of Dubai.
According to Dubai Chamber of Commerce and Industry statistics, Indian membership stood at 24,566 in 2012, said the report. (AGENCIES)
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