Bilateral investment treaty with UAE approved

PM Modi with President of UAE Mohamed bin Zayed Al Nahyan. Pic/PTI

The Union Cabinet on Thursday approved an investment treaty with the UAE that is likely to significantly boost bilateral economic engagement in a range of areas, including manufacturing and FDI. The approval for the signing and ratification of the ambitious investment treaty comes ahead of Prime Minister Narendra Modi's likely visit to the UAE this month.

The treaty is expected to improve the confidence of investors, especially large investors, resulting in an increase in foreign investments and overseas direct investment opportunities, the government said. "The Union Cabinet chaired by PM Modi today has given its approval for signing and ratification of the bilateral investment treaty between the government of India and the government of the United Arab Emirates," it said.

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