By Mubasshir Mushtaq
MUMBAI, India
Indian Prime Minister Narendra Modi has told a meting of businessmen in the United Arab Emirates (UAE) that there is potential for $1 trillion of investment into India.
“There is the potential of $1 trillion investments in India. We need to erase the deficit of 34 years,” Modi told the Arab business men gathered in the UAE's eco-city Masdar, during the second day of a two-day visit. “There are 700 flights between India & U.A.E but it took 34 years for an Indian PM to visit. I promise this will not happen again.”
Modi assured UAE officials and businessmen that India will give top priority to its third-largest trading partner after the U.S. and China.
“UAE’s power and India’s potential can make the dream of an Asian Century a reality,” Modi said, adding that infrastructure development and real estate offer opportunities for Arab businessmen in India.
The prime minister promised to curb the bureaucratic bottlenecks faced by UAE businessmen in India. Modi said his government inherited problems of “indecision and lethargy” from the previous government and he is working to fix the system.
Investment has been the focus of Modi's visit and is thought to be linked to his push, known as Make In India, to make India a global manufacturing hub.
Earlier on Monday morning, Modi took a guided tour of Masdar city, a hub for clean tech, science and technological innovation which is powered by renewable energy sources. The PM discussed the future of urban innovation with Masdar city’s architects.
"Masdar City is an amazing project, illustrating a pathbreaking approach to urban development & clean energy," tweeted Modi.
Modi said India needs science, technology, speed and quality construction to ensure low-cost housing for Indians which he intends to ensure by 2022.
