This post was originally published on 16 August 2016.
UAE’s investments in India have increased to nearly $1 billion (Dh3.67 billion) over the past year as bilateral trade between the two countries strengthen, Indian ambassador to the UAE T.P Seetharam told Gulf News.
“The UAE, which used to be the tenth largest investor in India is now the seventh-largest investor with the investments from the country going up to about one billion dollars in the last one year,” he said.
The total foreign direct investment inflows from the UAE to India stood at $4.03 billion ending March 2016, from April 2000, said Seetharam citing official figures.
T.P Seetharam attributed the rise in investment figures to a good economic climate in India and also due to growing ties between the two countries following the visit of Indian Prime Minister Narendra Modi to the UAE in August last year. UAE leaders have made subsequent visits to India since.
UAE’s Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan visited India in September and His Highness Shaikh Mohammad Bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces visited India in February this year.
The two countries also sought to promote strategic partnerships in the energy sector, including through UAE participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors.
He said there is progress on several of the key issues which were agreed upon during the PM visit to the UAE, a year ago including in areas such as the UAE’s space programme, defence cooperation and oil storage in India’s strategic petroleum reserves.
“For the UAE, India is its largest trade partner. We cannot ask for more in our relationship with another country. To become a country’s largest trade partner is the best one can achieve. For India, the UAE is the third-largest trading partner after the US and China, which is again very significant considering the relatively smaller size of the UAE and its population,” Seetharam told Khaleej Times on another interview.