UAE CHILE becomes INDIAs largest Trade partners and gets APEC Support . UAE CHILE to Support INDIA on APEC and Indian Economy . India, UAE compliment each other in areas of business growth . Chile favours India's candidature to APEC former President Eduardo Frei . Liberia in struggle .
India and the UAE compliment each other in areas of business growth and the private sectors are ready to support the two governments, a top company executive has said here.
The UAE is the 10th largest FDI source market for India with cumulative FDI reaching USD 4.76 billion in the last 17 years from April 2000 till March 2017.
India's National Investment and Infrastructure Fund (NIIF) signed an investment agreement worth USD 1 billion with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
As part of the agreement, ADIA will become the first institutional investor in NIIF's Master Fund and a shareholder in National Investment and Infrastructure Limited, the NIIF s investment management company.
The move is widely seen as part of the USD 75 billion investment programme announced by the UAE in August 2015 during a visit by Prime Minister Narendra Modi to Abu Dhabi.
"This marks a new beginning in our bilateral relationship that is going to be more specific and strategic in the years to come where India and the UAE compliments each other on areas of future growth and national security," said Dr Azad Moopen, President of Business Leaders Forum and Founder Chairman of Aster DM Healthcare Group.
"We, as representative of the private sectors, are also getting ready to support the two governments realise their vision and objectives with our own investment initiatives something that we will announce at the two-day India-UAE Partnership Summit (IUPS)," he said.
India's Department of Industrial Policy and Promotion (DIPP) recorded USD 61 million FDI inflow from the UAE in the April-June quarter this year.
The UAE and India share age-old ties whose foundation lies in trade and investment. The annual two way trade between the two countries today stands at about USD 53 billion and the leadership of the two countries is committed to increase it by 60 per cent over the next 5 years.
While India remains the UAE's top trading partner, the UAE is India's third largest trading partner.
Chile is open to support the candidature for membership of India in APEC but all the resolutions for the entry of a new country its decided by all the members of the group, pointed out former Chilean President Eduardo Frei ahead of APEC Summit in Vietnam next month.
Chile has an open economy and a stable institutional and political system, who installs a healthy business environment. With the 10 trade agreements signed between Chile and Latin-American countries, the possibilities to export and make business in the region are maximized, Frei told a select group of media here during his visit to push Indo-Chile economic partnership.
"Even more, Chile is one of founders of the Pacific Alliance, the most successful integration movement of the history of the Latin American region. Actually, its functions are becoming to been a platform of political articulation, economic and commercial integration and projection to the world, with emphasis on the Asia-Pacific region," noted Frei
" I would like to express that the Trade Agreement that India and Chile was established in 2007, and then expanded in 2017 is not a Free Trade Agreement (FTA), it’s a Preferential Trade Agreement (PTA). The nature of this Agreement is relative minus ambitions of an FTA, because it’s does not contain chapters related intellectual propriety, electronic commerce, gender issues, environment or investment, among others. The entry on force of the PTA plus, has been the 16th of May of 2017, only 5 months ago. For this reason, today, is difficult to highlight an increase in trade on either side."
"Nonetheless, I trust, that the PTA Plus will increase the trade, in the same way that the exported non-copper products have triplicated from US$ 51 millions in 2006 to US$ 178 millions in 2016.
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