https://sputniknews.in/20240201/in-a-boost-to-make-in-india-pm-modi-gives-nod-to-investment-treaty-with-uae-6406725.html
In a Boost to 'Make in India', PM Modi Gives Nod to Investment Treaty with UAE
In a Boost to 'Make in India', PM Modi Gives Nod to Investment Treaty with UAE
Sputnik India
Indian finance minister Nirmala Sitharaman said in her interim budget speech on Thursday that New Delhi has been negotiating bilateral investment treaties with other nations in the spirit of ‘first develop India’.
2024-02-01T15:26+0530
2024-02-01T15:26+0530
2024-02-01T15:26+0530
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The Indian cabinet chaired by Prime Minister Narendra Modi has formally approved the signing and ratification of the bilateral investment treaty with the United Arab Emirates (UAE), an Indian statement said on Thursday.“The treaty is expected to improve the confidence of the investors, especially large investors, resulting in an increase in foreign investments and overseas direct investment (ODI) opportunities and this may have a positive impact on employment generation,” the Cabinet stated.Trade and investment ties between India and the UAE have been on an upswing since the two countries inked the Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022.The UAE ranked as the fourth-largest investor in India in 2022-23 and is currently positioned as New Delhi's third-biggest trading partner, with bilateral trade amounting to $85 billion in 2022-23.
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In a Boost to 'Make in India', PM Modi Gives Nod to Investment Treaty with UAE
Indian finance minister Nirmala Sitharaman said in her interim budget speech on Thursday that New Delhi has been negotiating bilateral investment treaties with other nations in the spirit of ‘first develop India’.
The Indian cabinet chaired by Prime Minister Narendra Modi has formally approved the signing and ratification of the bilateral investment treaty with the United Arab Emirates (UAE), an Indian statement said on Thursday.
The statement by the Union Cabinet said that the treaty would increase the Emirati investments into India and help realise the government's vision of 'Atmanirbhar Bharat' (self-reliant India) by giving a boost to domestic manufacturing and employment generation.
The Cabinet expressed confidence that the treaty would contribute to reducing India's reliance on foreign imports and promote Indian exports.
“The treaty is expected to
improve the confidence of the investors, especially large investors, resulting in
an increase in foreign investments and overseas direct investment (ODI) opportunities and this may have a positive impact on employment generation,” the Cabinet stated.
Trade and investment ties between India and the UAE have been on an upswing since the two countries inked the Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022.
The UAE ranked as the fourth-largest investor in India in 2022-23 and is currently positioned as New Delhi's third-biggest trading partner, with bilateral trade amounting to $85 billion in 2022-23.
At the summit meeting between Prime Minister Modi and UAE President Mohamed bin Zayed Al Nahyan in Gujarat last month, the two leaders expressed confidence that the non-oil trade between the countries would scale the $100 billion target in coming years.
