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India seeks UAE investment for infrastructure projects

ABU DHABI — India has invited the UAE to invest in its $500 billion worth infrastructure development programme which has already received 70 per cent financing commitments from various institutional and multi-lateral investors.

"The UAE and investment community can invest up to 30 per cent to bridge the gap ,which needs to be filled," said India's Minister of State for Finance Pawan Kumar Bansal, while speaking at a lunch, hosted by Union Bank of India on the occasion of opening of its Representative Office in Abu Dhabi.

"The Indian Rupee has appreciated by 12 per cent in past couple of months, due to strong inflows of US dollar and government is taking measures to make country's exports more competitive in overseas markets," said Bansal. The minister said that Reserve Bank of India

(RBI) has risen to the occasion by buying US currency to stabilise the situation.

The minister said that subprime crisis has devastated leading economies world-wide, however, the Indian economy remained unaffected.

The booming economy posted a massive 9.4 per cent GDP growth rate last year that makes an average of 8.6 per cent achieved during a period of three years.

India's Ambassador to the UAE Talmiz Ahmad said that UAE-India relations are stronger than ever before and growing in all areas. " The leadership of both the nations is committed to boost bilateral relations taking it to new highs and beyond cooperation in the field of energy," he said.

He was satisfied with the UAE's companies making forays into tapping the potential of India's economy in recent years.

MV Nair, chairman and managing director, UBI said that the representative office will provide contacts with the bank's customers, correspondent banks, corporates and Indian expatriates as well as promoting its services in the local markets.

It will provide customers with banking, financial and consultation services apart from marketing Union Bank's retail products, life and non-life insurance products, mutual funds etc.

The representative office will market the products and services to NRIs, joint ventures as well as corporates in UAE.

Customers of the bank in India will be provided with information regarding business opportunities in the local markets here and promote investments in UAE. At the same time, the representative office will disseminate information in Abu Dhabi to entities that seek to do business in India.

Bank's products and services provide on line immediate credit of remittance to the customers apart from investment opportunities in mutual funds, shares as well as extending credit for housing and educational needs of their wards. Bank will also be able to extend trade finance, syndicated loans and term loans for the investment in UAE from its Hong Kong outfit. Earlier,the rep office was inaugurated by Bansal in the presence of Nasser Ahmed Al Suwaidi,Chairman, Department of Planning and Economy