UAE offers to invest $2 bn in Indian infrastructure

New Delhi, April 22 (IANS) The United Arab Emirates (UAE) has offered to invest $2 billion on infrastructure development in India, Commerce and Industry Minister Anand Sharma said on Monday.

Sharma said the Gulf country made the proposal for investment during the first meeting of the India-UAE joint investment task force held in February this year.

"The issues relating to promotion and facilitation of investments between the two countries and the modalities to address issues associated with existing investments between the two countries were discussed," Sharma said in a written reply in the Lok Sabha.

"UAE offered to allocate $2 billion for investments in infrastructure projects in India," he said.

Sharma along with Abu Dhabi crown prince Sheikh Hamed bin Zayed Al Nahyan had co-chaired the joint investment task force meeting held Feb 18 in Abu Dhabi.

"It was decided that governments of both countries would provide assistance and support for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investment across a range of sectors," said the minister.