PM Modi offers $100000 crore investment opportunity to UAE

Addressing an investors meet in Masdar City, a zero-carbon city, PM Modi said his government has got some problems in legacy and his immediate priority would be to kickstart the things which were stalled by the “indecisiveness and lethargy” of the past governments.

Prime Minister Narendra Modi made a strong pitch for attracting investment in India on the second day of his visit to the United Arab Emirates. The Prime Minister addressed nearly 40 top businessmen in the Emirate and the economic affairs minister Sultan Al Mansouri to make the pitch, telling his audience that India had the potential of absorbing $1 trillion (1 lakh crore) of investment.

The list included representatives of companies like Etihad air and rail, the Mashreq Bank, telecom giant Etisalat, Emirates Air and Indian businessmen in UAe like Mr B R Shetty of UAE Exchange, and Mr Yusuf Ali of the Lulu Group, one of the largest chains of supermarkets in the country.

Modi, who is the first Indian Prime Minister to visit UAE in the last 34 years, said India has huge investment opportunities for investors from the UAE in sectors like infrastructure, energy and real estate and urged them to come to invest in India and together make the 21st century ‘Asia’s Century’. The Prime Minister said all major global institutions such as IMF, World Bank and Moody’s agree that India is the world’s fastest growing economy and it has huge development potential. “On one hand India is growing fast and on the other hand, the world is looking at Asia. But is Asia complete without UAE? I can clearly see that the UAE should be at the centre of mainstream of things in Asia. UAE’s power and India’s potential can make it Asia’s century,” he said.