Finance minister Arun Jaitley invites UAE sovereign and pension funds to invest in National Investment and Infrastructure Fund

NEW DELHI: Finance minister Arun Jaitley has invited UAE sovereign and pension funds to invest in the just constituted National Investment and Infrastructure Fund (NIIF).

"The investment in NIIF will ensure good returns on investment as the government will invest these funds in infrastructure projects," Jaitley told Sheikh Hamdan Bin Rashid Al Makhtoum, Minister of Finance, United Arab Emirates( UAE) according to a statement here on Monday.

Jaitley raised the issue of longer visa for Indian businessmen who have made large investment for long duration in UAE. He said that this will help in ease of doing business At present, the businessmen are given visa at a time for two years which has to be got extended or renewed every time.

Jaitley also raised the issue of fresh negotiations among officials of India and UAE for finalizing the terms of reference of the new Bilateral Investment Promotion Agreement (BIPA) as the existing BIPA is expiring by December end this year, the finance ministry statement said.