UAE can be India's valuable partner to achieve USD 5 trillion economy: Modi

Agencies
August 24, 2019

Abu Dhabi, Aug 24: India finds a partner in the UAE to achieve its ambitious dream of achieving a USD five trillion economy, Prime Minister Narendra Modi told the Emirates News Agency, WAM, in an exclusive interview.

"We consider the UAE as a valuable partner in realising the objective to reach USD 5 trillion economy through mutually beneficial partnership," said Modi, who is currently on a two-day state visit to the UAE.

"India has embarked on the ambitious, yet achievable, path to be a USD five trillion economy by 2024-25. We are targeting about USD 1.7 trillion dollar worth of investment in the coming five years. To achieve this vision, the government is working to promote inflows from domestic as well as foreign sources," the Prime Minister explained.

He said that the UAE-India relations are "at their best ever", adding that the UAE investments in key sectors in India are growing.

"There has been an increasing interest in investments in India in sectors ranging from renewable energy, food, ports, airports, defence manufacturing and other sectors," Modi said.

"UAE investments in [sectors such as] infrastructure and housing are being enhanced. The UAE is our third-largest trading partner with about US$60 billion bilateral trade in 2018-19. Many of our companies are investing here in the UAE. Both countries are working closely and vigorously to implement the commitment of USD 75 billion investment by the UAE in India," Prime Minister Modi said.

"I feel immensely proud in conveying that India-UAE relations are at their best ever," added the Prime Minister.

He highlighted the importance of the Comprehensive Strategic Partnership Agreement signed during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India in January 2017 as the Chief Guest of Indian Republic Day.

"Since then we have made enormous progress in implementing agreements signed in key areas including defence, security, investment in infrastructure, energy and more. In other words, our relations are truly multi-dimensional," Modi pointed out.

"I sincerely compliment the leadership and direction that His Highness Sheikh Mohamed bin Zayed has personally provided in taking this relationship to new heights," he said.

The Prime Minister believes that his third visit to the UAE, in the last four years, reflects the desire and will of the two countries to sustain the momentum achieved in the bilateral relationship.

"In this visit, I look forward to further strengthening our all-round cooperation. I also look forward to holding discussions with my brother His Highness Sheikh Mohamed Bin Zayed. I greatly admire his vision. I always find the exchange of views with him stimulating and energising," he explained.

"We have a number of important matters to discuss regarding bilateral relations as well as the regional and global situation. I am confident that my visit will serve to further strengthen our robust and vibrant relations," Modi said.

"I am very upbeat about the trajectory of our relations and for opening up new areas of cooperation. I think there exists huge potential to make this cooperation a win-win for both countries," he added.

About The Order of Zayed, the highest civilian award of the UAE, which he is receiving on Saturday morning, the Prime Minister said, "It is an honour of special significance for me and my fellow 1.3 billion Indians. It commemorates the memory of a great and visionary world leader, the Father of this beautiful nation, the late Sheikh Zayed bin Sultan Al Nahyan."

"It is an even greater honour to be conferred this Order in the birth centenary year of Sheikh Zayed. His ideas, vision and wisdom are very much relevant in contemporary times. This award for me also symbolises the brotherly ties between our two countries and their peoples," Modi stressed.

About Indian community in the UAE, he said, "We are immensely proud that the rich contribution of our community in building a modern, diverse and vibrant UAE are acknowledged and appreciated by the leadership of the UAE.

"Apart from the Indians whose remittances sustain their families back home in India, we are also witnessing a steady increase in investments into India by some of the top Indian business leaders in the UAE.

"I extend my deepest appreciation to the leadership of the UAE for looking after the well-being of the Indian diaspora here like a true guardian. I would also like to thank the leadership of the UAE on the steps taken recently to provide long-term visas and other benefits to expatriates."

Talking about the global economic situation, the Prime Minister said, "Global economy is facing some headwinds. Experiences of the last five years, however, give me the confidence that the Indian economy and people of India have everything in them to not only face but also counter any headwinds."

India's fundamentals are very strong, driven by "numerous" strengths, he said.

The last five years have seen the highest average growth and lowest average inflation in the last three decades, Modi went on to say, adding that India has been improving its performance in "almost all global rankings," such as ease of doing business or innovation.

He said India had significantly increased its contribution to global growth in the last five years, making India an important engine of the global economy.

"I am confident that the collective endeavour of 1.3 billion Indians comprising millions of farmers, hundreds of thousands of industrialists and young entrepreneurs and start-ups and women, will ensure this." He said.

"India's skilled human resources, rapid infrastructure growth and the world's biggest market are reasons for our optimism. At the same time, we are focused on further improving our competitiveness through long-term reforms."

These encompass steps to move even higher in ease of doing business, tax reforms with lowering of tax rates and simplifying procedures, labour sector reforms and Foreign Direct Investment-related reforms to make an investment in India more lucrative, he explained.

During the past few years, he said, India has become "the fastest-growing major economy in the world," adding that all the macro-economic parameters such as current account deficit, fiscal deficit and inflation were brought down to acceptable levels.

The vision for the next five years is to have an investment-led growth, Modi concluded.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 25,2024

lebenonbombed.jpg

Israel began a third day of strikes in southern Lebanon on Wednesday, hours after Hezbollah confirmed the death of a senior commander in an airstrike on Beirut and a Lebanese minister said only Washington could help end the fighting.

Lebanese media reported that Israeli airstrikes had targeted several areas in the country’s south, beginning at around 5am, causing unspecified casualties.

Hezbollah meanwhile said it had launched a rocket targeting Mossad headquarters near Tel Aviv. Sirens had sounded in the Israeli city early on Wednesday, sending residents into bomb shelters, however the Israeli military later said it had intercepted the missile and no casualties or damage were reported.

Earlier on Wednesday, Hezbollah had confirmed that senior commander Ibrahim Qubaisi was among six people killed by an Israeli airstrike on an apartment block in the Lebanese capital Beirut on Tuesday, as Israel had claimed earlier. Israel said Qubaisi headed the group’s missile and rocket force.

Israel’s offensive since Monday morning has killed 569 people, including 50 children, and wounded 1,835 in Lebanon, health minister Firass Abiad told Al Jazeera Mubasher TV. Tuesday’s attacks came after Monday’s barrages racked up the highest death toll in any single day in Lebanon since the 15-year civil war that started in 1975.

Israel’s new offensive against Hezbollah has stoked fears that nearly a year of conflict between Israel and the militant Palestinian group Hamas in Gaza is escalating and could destabilise the Middle East. Britain urged its nationals to leave Lebanon and said it was moving 700 troops to Cyprus to help its citizens evacuate.

The UN security council said it would meet on Wednesday to discuss the conflict.

“Lebanon is at the brink. The people of Lebanon – the people of Israel – and the people of the world – cannot afford Lebanon to become another Gaza,” UN secretary general António Guterres said.

At the UN, which is holding its general assembly this week, US President Joe Biden made a plea for calm. “Full-scale war is not in anyone’s interest. Even if a situation has escalated, a diplomatic solution is still possible,” he said.

Lebanon’s foreign minister Abdallah Bou Habib criticised Biden’s address as “not strong, not promising” and said the US was the only country “that can really make a difference in the Middle East and with regard to Lebanon.” Washington is Israel’s longtime ally and biggest arms supplier.

The US “is the key … to our salvation,” he told an event in New York City hosted by the Carnegie Endowment for International Peace.

Up to half a million people are estimated to have been displaced in Lebanon, said Bou Habib. He said Lebanon’s prime minister hoped to meet with US officials over the next two days.

In Lebanon, displaced families slept in shelters hastily set up in schools in Beirut and the coastal city of Sidon. With hotels quickly booked to capacity or rooms priced beyond the means of many families, those who did not find shelter slept in their cars, in parks or along the seaside.

Fatima Chehab, who came with her three daughters from the area of Nabatieh, said her family had been displaced twice in quick succession.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 28,2024

nasrallah.jpg

The Lebanese Hezbollah resistance movement has confirmed the assassination of its secretary general Sayyed Hassan Nasrallah in massive Israeli airstrikes targeting residential buildings in southern Beirut on Friday.

“His Eminence, the Master of Resistance, the righteous servant, has joined his Lord and His pleasure as a great martyr — an outstanding, courageous, wise, and insightful leader — joining the ranks of the radiant martyrs of Karbala in the divine journey of faith, following in the footsteps of the prophets and martyr imams,” Hezbollah said in a statement on Saturday afternoon.

“The leadership of Hezbollah vows to the highest, most sacred, and dearest martyr in our journey, filled with sacrifices and martyrs, to continue its struggle against the enemy, supporting Gaza and Palestine, and defending Lebanon and its steadfast, honorable people,” it added.

Since Friday afternoon, Israeli warplanes have conducted over 30 airstrikes, targeting residential buildings in Burj al-Barajneh, Kafaat, Choueifat, Hadath, al-Laylaki, and Mreijeh, with local media reporting upwards of 300 casualties as a result of the aggression.

Footage broadcast by al-Manar television channel from the crowded area of Beirut’s Dahiyeh shows flattened buildings, streets filled with rubble and clouds of smoke and dust above the area.

Martyrs’ Square, Beirut’s central public area, was crowded with exhausted and anxious families sheltering outdoors.

The recent attacks are part of the Israeli regime’s intensified assault on Lebanon, which has become more deadly this week, resulting in over 700 deaths nationwide since Monday.

The new attacks came less than a week after the Tel Aviv regime killed 38 people, including three children and seven women as well as senior Hezbollah commander Ibrahim Aqil in an attack on a residential building in a southern Beirut suburb.

Earlier on Saturday, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said the brutal attacks by the “rabid Zionist dog” on Lebanon revealed the shortsightedness and foolish policies of Israeli officials, calling on all Muslims to unite behind Lebanese people and Hezbollah.

“The Zionist criminals need to know that they are far too weak to be able to inflict any significant damage on the solid structure of Lebanon’s Hezbollah. All the resistance forces in the region stand with and support Hezbollah,” the Leader said in a statement on Saturday.

“The Lebanese have not forgotten that there was a time when the soldiers of the occupying regime were advancing toward Beirut, and Hezbollah stopped them, and made Lebanon proud. Today too, by the grace and power of God, Lebanon will make the transgressing, malicious enemy regret its actions,” Ayatollah Khamenei noted. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
October 2,2024

truepromise.jpg

Sirens sounded all over the occupied territories on Tuesday night as Iran launched hundreds of missiles towards the Zionist entity, in a retaliatory attack dubbed Operation True Promise II. 

Meanwhile, Israeli officials have promised to respond after Iran fired a barrage of ballistic missiles at key military and security targets in Israel.

Flares and missiles were seen in the Tel Aviv sky and explosions could be heard in the occupied al-Quds, sending Zionist settlers fleeing into shelters.

The Israel Airports Authority said that no aircraft will be allowed to take off or arrive at all Israeli airports. Israeli newspaper Haaretz reported “direct hits” in Negev, Sharon and other locations from Iran’s attack.

The Islamic Revolution Guards Corps (IRGC) issued a statement shortly after the missile attack began.

It said in response to the martyrdom of Hamas chief Ismail Haniyah, Hezbollah leader Sayyed Hassan Nasrallah, and IRGC commander Abbas Nilforoushan, the IRGC Aerospace Force launched dozens of ballistic missiles targeting key military and intelligence bases in the heart of the occupied territories.

The IRGC further said that the attack was in line with the country’s right to legitimate self-defense as per the United Nations Charter, and in response to the regime's escalating crimes—backed by the United States—against the people of Lebanon and Gaza.

The Zionist regime will face more crushing attacks in case it reacts to Iran’s operation, the IRGC added.

In a follow-up statement, the IRGC said three Israeli military bases in Tel Aviv were hit during the operation.

In this operation, a number of air and radar bases, as well as centers for conspiracy and assassination planning against resistance leaders and IRGC commanders were targeted, the statement said.

The IRGC noted that even though the designated areas were shielded by advanced defense systems, 90% of the missiles shot successfully hit their targets.

“The Zionist regime has been terrified by the intelligence and operational dominance of the Islamic Republic,” it added.

The Iranian mission to the United Nations said in a statement that the missile attack was a “legal, rational, and legitimate” response to the terrorist acts of the Zionist regime.

It also warned the Israeli regime that a more “crushing” response would ensue should it dare to respond or commit further acts of malevolence.

Celebratory gunfire erupted in southern Beirut, where Hezbollah chief Nasrallah was killed in a massive Israeli airstrike last week, following Iran’s retaliatory attack.

“Heavy gunfire heard from automatic weapons from areas of the southern suburbs, rejoicing in the missile launch from Iran towards Israel,” Lebanon’s National News Agency said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.