UAE and India settle bilateral investment protection plan
The department of Economic Development (DED) says that India and the UAE are working to give final shape to a Bilateral Investment Promotion and Protection Agreement (Bippa) to increase investments between the two countries.
As per the report, the agreements’ motive is to collect investments in India from the UAE across different sectors like construction, downstream manufacturing in the petroleum and natural gas sector, as well as agriculture and food processing.
Mr. Saed Al Awadi, CEO of Dubai Export, an agency of the Department of Economic Development Department in Dubai, says that with the liberation of main sectors in India there is an increasing chance for UAE to invest in the country. India is the biggest trading partner of UAE. He further says that this agreement will increase the economic link ups between the two countries.eHe
The UAE’s investments in India are mainly in sectors like power, metal industries, construction, services and information and communications technology (ICT).
The presence of Indians in UAE is in large number in terms of both population and business contribution.
The report says that the India membership has increased at 24,566 in 2012, this data is from Dubai Chamber of Commerce and Industry.
Source: The Statesman
Bilateral Investment Promotion and Protection Agreement, BIPPA, Construction, Department of Economic Development, Food processing, ICT, India, Information and communications technology, Petroleum and natural gas, Saed Al Awadi, UAE
