UAE investor’s legal interests will be protected: Anand Sharma

Bangalore, Jan.28: Commerce and Industry Minister Anand Sharma assured the United Arab Emirates (UAE) that the Indian Government will do its best to protect the legal interests of the UAE investors, without violating any judicial orders.

In a bilateral meeting with UAE Minister of Economy, Sultan bin Sayeed Al Mansouri on the sidelines of the Partnership Summit 2014 here on Tuesday, Sharma assured that the Indian Government is addressing legacy issues faced by Etisalat, TAQA, DP World, EMAAR etc.

Both the leaders also discussed follow up action on decisions taken during the inaugural meeting of the India-UAE High Level Task Force on Investment.

Sharma told his UAE counterpart that as a follow up action of the India-UAE High Level Task Force on Investment, a bilateral agreement was signed in December last year.

Working Groups (WG) on seven themes namely Infrastructure, Investment and Trade, Energy, Manufacturing and Technology, Aviation, Information and Communication Technology (ICT) and Legacy Issues has been constituted by Department of Industrial Policy and Promotion. All the Working Groups except the WG on ICT have met and submitted their recommendations.

Sharma mentioned that now is an opportune time for visit of Sheikh Hamed for the second meeting of HLTFI in Mumbai. He formally invited Sheikh Hamed for the meeting to be held by the end of February 2014.

The total trade between India and UAE crossed US 75 billion dollars in 2012-2013. (ANI)