India to approve oil, gas projects 'in 30 days flat': Anand Sharma
High-Level Task Force, co-chaired by Sheikh Hamed Bin Zayed Al Nehayan and himself would help in developing "avenues of catalysing greater investments on both sides."
The minister also welcomed the Abu Dhabi sovereign wealth funds to invest in the Indian economy.
"Our economies are also defined by complementary strengths. It is these complementary strengths, which we must build upon as two people bound by ties of history to write a new essay of economic partnership in the 21st century," the he said.
Noting that bilateral trade between India and the GCC region rose to above USD 145 billion in 2011-12 from USD 67 billion five years ago, Sharma said, "I expect that with the kind of dynamism which has been shown in our trade established with UAE, this year we will cross USD 175 billion."
Later Sharma held a bilateral meeting with Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade, UAE, during which the possibility of increasing the bilateral trade between the two nations was discussed.
Noting that UAE was India's top partner amongst the GCC countries and the second largest trading partner for India in the world after China, Sharma said "the bilateral trade does
not reflect the full potential and can be further exploited to mutual advantage of both the countries."
The minister also underlined the need for reenergising the negotiations for concluding the India-GCC FTA talks pointing out that the capital flow between the regions has remained miniscule.
Sharma said that there was immense potential for increasing investments from UAE in India, especially
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