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UAE and India to sign new investment treaty

Sheikh Mohamed bin Zayed Al Nahyan and Narendra Modi, the leaders of the UAE and India, press palms at a meeting in New Delhi Reuters/ANI
Sheikh Mohamed bin Zayed Al Nahyan and Narendra Modi, the leaders of the UAE and India, press palms at a meeting in New Delhi

Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan are to sign a bilateral investment treaty (Bit) during the former’s visit to the emirate this month.

The UAE is India’s third-largest source of foreign direct investment and the seventh-largest trade partner.

The Indian government cleared the treaty on February 1, after which the UAE became the only country with which India has a comprehensive economic partnership agreement (Cepa) and Bit, Hindustan Times, an Indian news outlet, reported. 

The treaty will help promote investments between the two countries and improve investors’ confidence, especially large ones.

Countries like South Korea, Japan and Singapore have a Cepa with India but no Bit.

Modi will inaugurate the Baps Hindu Mandir, a traditional Hindu place of worship located in Abu Dhabi, and address the World Governments Summit, the report said.

The India-UAE bilateral investment will pave the way for the Abu Dhabi Investment Authority and Mubadala Investment Fund, sovereign wealth funds, to invest in big-ticket projects in India.

India has been buying crude from the UAE on a local currency basis, with the state-backed petrochemicals major Gail recently signing an agreement with Adnoc Gas, a division of the state-owned Abu Dhabi National Oil Company (Adnoc), to purchase 0.5 million metric tonnes of natural gas from the emirates.

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