United Arab Emirates (UAE) may increase cooperation with India in the financial and infrastructure sector. On Monday, India’s Finance Minister Nirmala Sitharaman held a virtual meeting with UAE Minister of State for Finance Obaid Al Ta’ir. Many senior officials of the Finance Ministry were also present during this period. The two countries agreed to take forward mutual cooperation for mutual benefit.
In his tweet, the Finance Minister said that the two countries have agreed to cooperate among themselves to increase transactions through UPI and RuPay. The UAE will also contribute to India’s fintech sector. Sitharaman also invited the UAE to invest in the National Infrastructure Pipeline (NIP). The leaders of the two countries agreed to work together to align the interests of India and the UAE in various international forums, including the G20 and the ITU.
Finance Minister Smt. @nsitharaman today held a bilateral meeting via VC with H.E. Obaid Al Tayer, MoS Financial Affairs, UAE. Both leaders expressed respect for the long standing relationship between India & UAE, and the need to take it further in mutually beneficial ways. (1/3) pic.twitter.com/sE7bWdaVe7
— Ministry of Finance (@FinMinIndia) August 17, 2020
He said that NIP is a major source of investment in infrastructure for India and UAE. On August 15 this year, Prime Minister Narendra Modi had also mentioned referring to NIP that about 7,000 projects have been identified under it and plans to invest Rs 110 lakh crore in it.
On the other hand, the Foreign Minister of the United Arab Emirates (UAE), Sheikh Abdullah Al Nahyan, who made a historic agreement with Israel, has given the foreign minister S.K. Talked to Jaishankar. In this important conversation between the two foreign ministers over the phone, other aspects of the Israel-UAE agreement were discussed, but the issue of continued promotion of terrorism from Pakistan also arose. Nahyan, who made headlines after the agreement, took time to talk to the Indian Foreign Minister twice within five days of how important the strategic relationship between the two countries is.