India-UAE Bilateral Investment Treaty Approved
By Rediff Money Desk, NEWDELHI Feb 01, 2024 12:36
India's cabinet approves signing and ratification of a Bilateral Investment Treaty (BIT) with the UAE, aiming to boost investments and promote economic growth.
New Delhi, Feb 1 (PTI) The government on Thursday approved the signing and ratification of a Bilateral Investment Treaty (BIT) between India and the United Arab Emirates (UAE).
The pact would help promote investments between the two countries.
"The Union Cabinet chaired by Prime Minister Narendra Modi, today has given its approval for signing and ratification of BIT between India and the UAE," an official statement said.
The treaty is expected to improve the confidence of investors, especially large investors, resulting in an increase in foreign investments and overseas direct investment (ODI) opportunities, the statement said, adding that this may have a positive impact on employment generation.
"The approval is expected to increase investments in India and is likely to help in realising the goal of Atmanirbhar Bharat by encouraging domestic manufacturing, reducing import dependence, increasing exports etc," it added.
The two nations have also implemented a free trade agreement in May 2022.
India received an FDI of USD 16.7 billion between April 2000 and September 2023.
The pact would help promote investments between the two countries.
"The Union Cabinet chaired by Prime Minister Narendra Modi, today has given its approval for signing and ratification of BIT between India and the UAE," an official statement said.
The treaty is expected to improve the confidence of investors, especially large investors, resulting in an increase in foreign investments and overseas direct investment (ODI) opportunities, the statement said, adding that this may have a positive impact on employment generation.
"The approval is expected to increase investments in India and is likely to help in realising the goal of Atmanirbhar Bharat by encouraging domestic manufacturing, reducing import dependence, increasing exports etc," it added.
The two nations have also implemented a free trade agreement in May 2022.
India received an FDI of USD 16.7 billion between April 2000 and September 2023.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- IFL Enterprises
- 1.36 (+ 4.62)
- 95510990
- Franklin Industries
- 3.90 (+ 4.56)
- 27302785
- Vodafone Idea L
- 16.16 ( -3.75)
- 21146179
- Indian Renewable
- 258.95 ( -4.89)
- 14148327
- AvanceTechnologies
- 0.90 ( -1.10)
- 11438895
MORE NEWS
Indian Markets Turn Negative After Record Highs
Indian stock markets experienced volatility on Thursday, turning negative after...
ASK Property Fund Invests Rs 190 Cr in...
ASK Property Fund has invested Rs 190 crore in a real estate project being developed by...
Japan Trade Deficit Shrinks as Exports Rebound
Japan's trade deficit narrowed in the first half of 2023, driven by a recovery in...