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UAE commits $75 billion for infrastructure development in India

With increasing economic ties with India, the UAE has committed USD 75 billion towards infrastructure development in the country, the commerce ministry said today.


PTI Last Updated at 27 Jul 2018, 20:07 IST India, United Arab Emirates

With increasing economic ties with India, the UAE has committed USD 75 billion towards infrastructure development in the country, the commerce ministry said today.

It also said that the UAE is India's third largest trading partner.

"The UAE has invested over USD 5.3 billion in India and infrastructure is one of the top five focus sections of UAE-India bilateral trade. The UAE has committed USD 75 billion towards infrastructure development in India," the ministry said in a statement.

Further, it said that Invest India and the UAE Minister for Artificial Intelligence (AI) signed an agreement for the India-UAE Artificial Intelligence Bridge here today.

"This partnership will generate an estimated USD 20 billion in economic benefits during the next decade for both countries. The MoU will spur development across areas like Blockchain, AI, and Analytics as data and processing will be a catalyst for innovation and business growth," it said.

It added that by 2035, AI can potentially add USD 957 billion to the Indian economy.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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