India to protect UAE investors’ legal interests

Bangalore, Jan 28 (IANS) India Tuesday assured the United Arab Emirates that legal issues faced by Emirati investors such as telecom major Etisalat, Abu Dhabi National Energy Company, marine terminal operator DP World and Dubai-based real estate firm Emaar would be addressed without violation of judicial orders.

Indian Commerce and Industry Minister Anand Sharma gave the assurance to UAE Minister of Economy Sultan bin Sayeed Al Mansouri on the margins of the three-day Confederation of Indian Industry (CII) partnership summit being held here since Monday.
“We will do the best under the circumstances to protect the legal interests of UAE investors without violating judicial orders,” Sharma said on the occasion.
UAE is among the 45 countries from the world over participating in the 20th edition of the India Inc flagship event here, with Bahrain as the focus country.
Both the ministers also discussed the follow-up action on decisions taken at the India-UAE high-level task force on investment, a bilateral agreement signed in December.
India’s industrial policy and promotion department has set up working groups on seven themes — infrastructure, investment and trade, energy, manufacturing and technology, aviation, information and communication technology and legacy issues – to make recommendations for bilateral cooperation between the two countries in these diverse areas.
“It’s an opportune time for visit of (Abhu Dhabi Investment Authority MD) Sheikh Hamed (bin Zayed Al Nahyan) for the second meeting of the task force in Mumbai,” Sharma said, adding he has already invited the Sheikh to India for the meeting to be held in February-end.
Bilateral trade between India and UAE crossed $75 billion in 2012-2013.
As a federation of seven emirates, the UAE is located in the southeast of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south.
The seven emirates are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain, with Abu Dhabi as the UAE capital and centre of commercial and cultural activities along with Dubai.