UAE foreign minister chairs joint commission with Indian counterpart

New Delhi - The UAE foreign minister praised the recent visit of Narendra Modi, India's Prime Minister, to the UAE from August 16-17, which contributed to the development of relations between the two countries.

Shaikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister met today with India's External Affairs Minister, Sushma Swaraj, in the presence of Reem bint Ibrahim Al Hashimi, Minister of State.
During the meeting, they discussed distinguished strategic relations and ways to strengthen them. They also exchanged views on a number of regional and international issues of mutual concern, as well as the latest developments, national news agency Wam reported today.
Shaikh Abdullah underscored that the UAE's relations with India, established in 1972, are based on mutual understanding and respect, expressing the interest of the two countries to strengthen relations in a way that reflects ambitions and directives of the leaders in both countries to serve objectives and higher interests.
The UAE foreign minister made the remarks today while chairing the 11th session of the UAE-India Joint Commission. The Indian side was led by its external affairs minister.
Shaikh Abdullah thanked Swaraj and her delegation for the hospitality and reception accorded to them.
"The convening of this meeting comes as evidence of the success of the previous meeting of the joint commission between the two countries in February 2013, which resulted in the initiative to establish strategic oil reserves in India by the Government of Abu Dhabi. We hope the implementation mechanism will be completed soon," he said.
The UAE foreign minister praised the recent visit of Narendra Modi, India's Prime Minister, to the UAE from August 16-17, which contributed to the development of relations between the two countries to a new strategic level in all fields, as well as availed an opportunity to discuss investment opportunities in areas of common interest.
"The meeting is an opportunity to enhance bilateral relations between the two countries and to identify investment opportunities in both countries," he pointed out, and added that the UAE is working to develop political and trade relations between the two countries. He called for greater co-ordination in joint action in international organisations and conferences, and other important international forums.
"We thank the Indian government for its support to the nomination of the UAE for the membership of the Human Rights Council for the period 2016 to 2018," Shaikh Abdullah said, adding, "The UAE ranked third as the most important trading partners for India for the fiscal year 2014 -2015. The total volume of non-oil trade stood at about $28.56 billion in 2014, a figure that reflects the current level of development of bilateral relations, but encourages us to find more ways and means to increase the volume of trade exchange."
He stressed the importance of the private sector in the development of these relations.
Investment
Shaikh Abdullah said that the volume of investments of Indian companies in the country amounted to approximately $74.8 billion in businesses and real estate, while there are over 45,000 Indian companies operating in the UAE markets.
"This is evidence of the confidence of Indian investors in the UAE's business environment," he affirmed.
He stressed that the UAE enjoys a stimulating business environment, which is attractive to investors looking to have access to neighbouring markets in the region, and added that this environment has spurred the signing of the agreement on protection and promotion of investments between the two countries, which has contributed to promoting bilateral investments.
Shaikh Abdullah said that the UAE has been ranked 10th worldwide in the volume of its investments in India, touching nearly $9 billion, a low number compared to the potential of the huge investment in India. He added that the UAE investments in India are divided on the energy, mineral industries, services and technology and construction sectors.
He added that the volume of remittances from the UAE to India stood at $12.64 billion in 2014, which play an important role in driving the growth of the Indian economy.
Climate Change
Shaikh Abdullah said, "India is an important strategic partner to the UAE, especially in the field of energy through bilateral co-operation between the two countries in the field of sustainable energy and energy efficiency. Therefore, we call for greater co-operation in the field of climate change, especially during this year in which all parties to the United Nations Framework Convention on Climate Change will meet in Paris to conclude a new agreement."
He praised the efforts of the UAE- India Task Force on Investments , which was established in April 2012 as a platform to discuss common issues associated with investments between the two countries to encourage and facilitate cross-border investments and achieve positive results.
He further said that there were about 956 flights per week between the two countries, a move that reflects the growth in this vital sector between the two countries.
He thanked the heads and members of the preparatory committee for their effort in making the commission's meeting a success, stressing the need for continuity of the joint commission and follow up of its recommendations. He hoped the next meeting of the commission would be held in Abu Dhabi.