PHOTO
The Indian government has approved a Bilateral Investment Treaty (BIT) with the UAE to promote more investments and improve investor confidence.
The approval of signing and ratification of the BIT between the two nations is also a move by the Indian government to give a boost to its foreign investments and create more Overseas Direct Investment (ODI) opportunities, according to a post on X by the country’s External Affairs Minister, Dr S Jaishankar.
The decision was taken by a Union Cabinet on February 1, chaired by Indian Prime Minister Narendra Modi, who is expected to arrive in Abu Dhabi on February 13.
In May 2022, UAE and India implemented the Comprehensive Economic Cooperation Agreement (CEPA), which included furthering non-petroleum trade to $100 billion by 2030 between the two countries.
The bilateral trade between UAE and India has touched historic highs during full-year 2022-23, reaching $84.5 billion and registering a year-on-year increase of 16%.
(Writing by Bindu Rai, editing by Brinda Darasha)
