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29 March 2024

UAE talks strategic petroleum reserve in India

Discuss opportunities for bilateral economic and investment cooperation in UAE and India. (Supplied)

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By Staff

Sheikh Hamed bin Zayed Al Nahyan, Chief of Abu Dhabi Crown Prince's Court and Chairman of the Higher Corporation for Specialised Economic Zones (ZonesCorp) and Managing Director of Abu Dhabi Investment Authority (Adia), along with senior representatives from prominent UAE institutions, on Tuesday met with a delegation led by Arun Jaitley, Minister of Finance of India, in Abu Dhabi.

The meeting was part of Jaitley’s two-day official visit to the UAE to discuss opportunities to enhance collaboration between the two sides in key areas.

Reiterating the commitment to realise their respective countries’ vision of elevating their relationship to a strong and comprehensive strategic partnership, and building on the progress made by the UAE–India high level joint task force on investments, the two sides discussed a number of issues and areas of mutual interest.

These included the UAE’s possible participation in the establishment of a strategic petroleum reserve in India in a manner that serves the common strategic interests of both countries, as well as opportunities for bilateral economic and investment cooperation in the UAE and India.

Among these was the possible participation of UAE investment institutions in appropriate infrastructure projects in India, either directly or through government or private funds set up for infrastructure investments.

Commenting afterwards, Sheikh Hamed said, "Today’s meeting is a further example of the concerted and wide-ranging efforts undertaken by the UAE and India in recent years to promote and enhance bilateral trade between our countries. We look forward to continuing this constructive dialogue and further deepening our ties in ways that are of mutual benefit."

Jaitley agreed that India and UAE have strong historical trade and cultural relations and this visit will further strengthen the same. He invited the investment funds of UAE to deepen their engagement with India to further investment especially in the infrastructure sector. He also extended an invitation to Sheikh Hamed for an early visit to India to discuss the modalities of this partnership.