India has market, gulf has funds: UAE Minister

NEW DELHI: Prime Minister Narendra Modi has initiated key structural reforms in Indian economy and this has given encouraging signs to the United Arab Emirates to invest funds in the huge market of South Asia’s biggest country, according to Anwar Gargash, MoS Foreign Affairs of the oil-rich Gulf state.

Dr Gargash, who is accompanying Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces on his state visit here, said that Modi’s trip to the Gulf nation last August gave strategic direction to the bilateral partnership and both sides are keen to build on this foundation.

“India has a huge economy and Prime Minister Modi’s initiatives for structural reforms are encouraging signs. India needs to build a climate to attract FDI. UAE has funds including sovereign funds and India has market. This complements each other,” Gargash told a selected media roundtable here on Thursday on the sidelines of the summit level talks between the two sides.