India and UAE ink energy and defense pacts
PM Narendra Modi has also secured investments from Abu Dhabi amid uncertainties over the Middle East crisis Read Full Article at RT.com
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PM Narendra Modi has also secured a $5 billion investment pledge from the Emirates
India and the United Arab Emirates have inked energy and defense pacts during Prime Minister Narendra Modi’s trip to the Gulf nation on Friday.
Modi started his five-nation tour with a brief visit to the UAE, after which he will head to the Netherlands, Sweden, Norway, and Italy.
The UAE also pledged investments in India worth $5 billion, including the investment of $4 billion by Emirati financial entities in Indian banks and $1 billion pledge by the Abu Dhabi Investment Authority (ADIA) with the National Infrastructure & Investment Fund of India (NIIF) in priority infrastructure projects in India.
Pacts on a defense partnership framework, strategic petroleum reserves, and an agreement for the supply of liquefied petroleum gas (LPG) were also signed, according to the statement by Modi’s office. The energy pact includes potential collaboration in liquefied natural gas and liquefied petroleum gas storage facilities in India.
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