The UAE and India agreed today to set up an infrastructure investment fund that could total $75 billion to support investment in India's plans for rapid expansion of next generation infrastructure.

The UAE-India Infrastructure Investment Fund was announced in a joint statement issued at the end of Indian Prime Minister Narendra Modi's visit to the UAE.

The statement was issued after a meeting between Modi and HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said a Wam report.

The fund will invest mainly in railways, ports, roads, airports and industrial corridors and parks.

Modi also met HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai. They discussed several issues and agreed on need of stronger India-UAE ties.

The visit of an Indian Prime Minister after 34 years marks the beginning of a new and comprehensive strategic partnership between the two countries, the statement said.

The two leaders agreed to seize the historic moment of opportunity and shared responsibility to chart a new course in their partnership for the 21st century, the statement said.

The two leaders also agreed to promote strategic partnership in the energy sector, including through UAE's participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries.

They also agreed to target an increase in trade by 60 per cent in the next five years.

India is UAE's second largest trading partner and the UAE is India's third largest trading partner.

"Today, as India accelerates economic reforms and improves its investment and business environment, and UAE becomes an increasingly advanced and diversified economy, the two countries have the potential to build a transformative economic partnership, not only for sustained prosperity of their two countries, but to also advance progress in the region and help realise the vision of an Asian Century," the statement said.

The leaders agreed on the following:
* Elevate the India-UAE relationship to a comprehensive strategic partnership.
* They also agreed to coordinate efforts to counter radicalisation and misuse of religion by groups and countries for inciting hatred, perpetrating and justifying terrorism or pursuing political aims.
* They denounced and opposed terrorism in all forms and manifestations, wherever committed and by whomever, calling on all states to reject and abandon the use of terrorism against other countries, dismantle terrorism infrastructures where they exist, and bring perpetrators of terrorism to justice.
* India and the UAE will enhance cooperation in counter-terrorism operations, intelligence sharing and capacity building, they said.
* The two countries will establish a dialogue between their national security advisors and National Security Councils.
* Cooperate to strengthen maritime security in the Gulf and the Indian Ocean region, which is vital for the security and prosperity of both countries.
* Promote collaboration and inter-operability for humanitarian assistance and evacuation in natural disasters and conflict situations.
* Strengthen defence relations, including through regular exercises and training of naval, air, land and special forces, and in coastal defence.
* Cooperate in manufacture of defence equipment in India.
* Call on all nations to fully respect and sincerely implement their commitments to resolve disputes bilaterally and peacefully, without resorting to violence and terrorism.
* Tap India's expertise in Small and Medium Enterprises to create a vibrant industrial base in UAE, which could also be of benefit to Indian enterprises.
* Strengthen cooperation between UAE's increasingly sophisticated educational institutions and India's universities and higher research institutions. Promote scientific collaboration, including in the areas of renewable energy, sustainable development, arid agriculture, desert ecology, urban development and advanced healthcare.
* Promote cooperation in Space, including in joint development and launch of satellites, ground-based infrastructure and space application.

HH the Crown Prince and the Prime Minister resolved to maintain regular summits, high level ministerial dialogue and meetings of bilateral mechanisms to realise their vision of a strong comprehensive strategic partnership. - TradeArabia News Service