India seeks UAE investment for infrastructure projects

Dubai, Dec 3: India has invited the UAE to invest in its 500 billion dollar infrastructure development programme, which has already received 70 per cent financing commitments from various institutional and multi-lateral investors.

''The UAE and investment community can invest up to 30 per cent to bridge the gap, which needs to be filled,'' said Minister of State for Finance Pawan Kumar Bansal, while speaking on the occasion of opening of Union Bank of India's (UBI) Representative Office in Abu Dhabi.

''The Indian Rupee has appreciated by 12 per cent in past couple of months due to strong inflow of US dollar and the government is taking measures to make the country's exports more competitive in overseas markets,'' said Mr Bansal.

The Minister added that Reserve Bank of India (RBI) has risen to the occasion by buying US currency to stabilise the situation.

Mr Bansal said that subprime crisis has devastated leading economies worldwide, however, the Indian economy remained unaffected.

The booming economy has posted a massive 9.4 per cent GDP growth rate last year, and an average of 8.6 per cent achieved during a period of three years.

India's Ambassador to the UAE Talmiz Ahmad said the India-UAE relations are stronger than ever before and growing in all areas.

''The leadership of both the nations is committed to boost bilateral relations taking it to new highs and beyond cooperation in the field of energy,'' the Khaleej Times was quoted saying.

UBI Chairman and Managing Director M V Nair said the representative office will provide contacts with the bank's customers, correspondent banks, corporates and Indian ex-patriates as well as promoting its services in the local markets.

The office will provide customers with banking, financial and consultation services apart from marketing the Bank's retail products, life and non-life insurance products, mutual funds etc.

The representative office will market the products and services to NRIs, joint ventures as well as corporates in UAE.

UNI