India and UAE sign several business deals during Modi's visit

By Shakir Husain

NEW DELHI, Feb 14 (Bernama) -- India and the United Arab Emirates (UAE) signed a number of business deals on Tuesday during Prime Minister Narendra Modi's visit to the Gulf state.

These include a memorandum of understanding interlinking Indian UPI and the UAE's AANI instant payment platforms to facilitate cross-border transactions between the two countries.

Another agreement involves boosting financial cooperation by linking their debit and credit cards -- India's RuPay with JAYWAN of the UAE.

India also signed a bilateral investment treaty with the UAE and an intergovernmental cooperation agreement for the proposed "India-Middle East-Europe Economic Corridor."

Ahead of Modi's visit, agreements were signed between RITES Limited, an Indian state-run engineering and consultancy company, and Abu Dhabi Ports Company, and between the Abu Dhabi company and Gujarat Maritime Board for developing port infrastructure and boosting maritime connectivity.

Modi and UAE President Sheikh Mohammed Bin Zayed Al Nahyan discussed strengthening the energy trade.

"They appreciated that in addition to the UAE being among the largest sources of crude and LPG (liquefied petroleum gas), India is now entering into long term contracts for LNG (liquefied natural gas)," India's Ministry of External Affairs said in a statement.

The Indian leader on Tuesday addressed a gathering of some 40,000 Indian expatriate community members in Abu Dhabi's Zayed Sports City Stadium.

Modi, on his seventh visit to the Gulf state in 10 years, told them that India will be the world's third largest economy by 2030 and a developed country in 25 years.

His engagements in the UAE include inauguration of a Hindu temple in the oil-rich emirate on Wednesday.

The same day he will travel to Qatar for a two-day visit.

-- BERNAMA