India, which needs heavy investments in sectors like power, roads and ports, has invited the UAE to invest in its $500 billion worth infrastructure development programme, which has already received 70 per cent financing commitments.
"The UAE and business community can invest up to 30 per cent to bridge the gap, which needs to be filled," Union Minister of State for Finance Pawan Kumar Bansal said on the sidelines of a function in Abu Dhabi on Saturday for opening of Union Bank of India's representative office there.
The Minister noted that the rupee appreciated by 12 per cent in the past couple of months due to strong inflows of US dollar and said the government was taking measures to make the country's exports more competitive.
He said the subprime crisis has devastated leading economies worldwide, but did not affect Indian economy, which posted a 9.4 per cent GDP growth rate last year.
M V Nair, chairman and managing director of UBI, said the representative office will provide contacts with the bank's customers, correspondent banks, corporates and Indian expatriates as well as promote its services in local markets.
It will provide customers with banking, financial and consultation services apart from marketing Union Bank's retail products, life and non-life insurance products, mutual funds. The office will market the products and services to NRIs, joint ventures as well as corporates in the UAE.
Indian Ambassador Talmiz Ahmad said Indo-UAE ties are stronger than ever before and growing in all areas.