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In line with a drive to further strengthen trade and investment cooperation with various countries around the world, the UAE, represented by the Ministry of Finance (MoF), recently signed an initial agreement to protect and encourage investments with the Republic of India, at the Ministry’s premises in Abu Dhabi.
The signing marked the successful conclusion of five rounds of negotiations between the two parties after the UAE’s team, chaired by HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court, made the necessary efforts to avoid any previous challenges which prevented the signing of this agreement.
The agreement was signed by HE Younis Haji Al Khouri, Undersecretary of MoF and Kumar Mishra, Secretary General of Investment at the Economic Department in the Ministry of Finance India, in the presence of HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF, Dr Hamid Nasr, Economist at MoF and representatives from the Ministry of Foreign Affairs and Abu Dhabi Investment Authority. The signing was also attended by HE MK Lokesh, Ambassador of India to the UAE.
The initial draft of the agreement states several tasks which include facilitating capital movement and technology, removing obstacles faced by the investments in India, enhancing the competitiveness and efficiency of these investments as well as protecting them from all political risks such as nationalisation, confiscation, seizures, freezing as well as other similar actions, which will in turn ensure effective contribution to national income.
Commenting on the signing of this agreement, HE Younis Haji Al Khouri, Undersecretary of MoF, said: “Following the implementation of the directives of HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court, MoF and the Ministry of Foreign Affairs continued the necessary negotiations regarding the initial agreement on the protection and promotion of investment in India, which reflects the keenness of our wise leadership to continuously strengthen our national investment capacity to globally expand using the basis of legal agreements which preserve the rights of both parties.”
HE added: “MoF, as part of the UAE team, played a prominent and essential role in the signing of this agreement, whereby our experts, in cooperation with the Ministry of Foreign Affairs, managed to review and evaluate all axes of the agreement, while ensuring that it will successfully promote economic cooperation and establish a sustainable, strategic relationship between the two countries. In addition, this agreement is of utmost importance with regards to the protection of investment in India and there is no doubt that work to sign a final agreement will proceed as soon as possible.”
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