DUBAI (Sputnik) — On Sunday, Indian Prime Minister Narendra Modi arrived at the UAE to negotiate with the Emirati authorities on trade and security issues.
“Recognizing that India is emerging as the new frontier of investment opportunities… UAE to raise their investments in India, including through the establishment of UAE-India Infrastructure Investment Fund,” the statement published on Monday by the UAE state news agency WAM said.
The statement added that the $75-billion fund would be used for such infrastructure projects as railways, ports, roads, airports and industrial corridors and parks.
Indira Gandhi was the last Indian prime minister to visit the United Arab Emirates in 1981.
The two countries have always enjoyed a close relationship, and their bilateral trade amounts to some $60 billion.