UAE prince’s visit to India : Focus on aviation and energy deals

Crown prince of Abu Dhabi,UAE and Deputy Supreme Commander of the Armed Forces, Sheikh Mohammed bin Zayed, arrived in India yesterday for his first official visit to the country for finalizing investment deals.

The Crown prince was accompanied by three brothers- one of them is Interior minister of UAE- and seven ministers. A separate 100-member delegation of top businessmen and CEO’s has also arrived to the investment decisions. His visit along with seven ministers is expected to witness signing of a landmark civil nuclear cooperation pact among agreement across sectors.

UAE: Etihad and Jet Airways
UAE: Etihad and Jet Airways

UAE – India Investments :

Nuclear cooperation deal will be India’s first such act with any west Asian nation. This visit can also push the bilateral trade and investment.

Senior vice president of corporate and international affairs, AI Muhairy said “India is a key market for Etihad Airways and with our equity partner Jet Airways, we have significantly grown our business. Together, we are the market leader with 21 per cent share of total passengers traffic carried to and from India.

Etihad and Jet Airways already operated 54 flights a week in each direction between Abu Dhabi and cities across India.

Other UAE Airlines, including Emirates and fly Dubai, wants to target growth on the subcontinent.

UAE and India are likely to sign a series of agreements – between 12 to 16 pacts – on nuclear energy, oil, IT, aerospace and railways, facilitating billions of dollars of Investment.

Al Banna said,“We have on hand around 16 agreements for cooperation between different ministers and authorities. Out of 16, almost 12 have been finalized and ready for signature. Hope that all 16 will be signed.”

UAE is already India’s third largest trading partner with an annual trade volume of close to $60 billion. The UAE’s $7-billion investment pledge in India and the strong stand it took on cross border terrorism had turned the Modi’s visit to Abu Dhabi last August as one of the most productive overseas trip.

On Monday, India issued a forecast of economic growth of 7.6 percent for the current financial year, which runs to the end of March.

India’s PM, Narendra Modi, wants to boost foreign spending in the country, which needs US $1 trillion investment.

 

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