India and the UAE on Tuesday signed the Bilateral Investment Treaty (BIT), which will be a key enabler for further promoting investments in both countries. Prime Minister Narendra Modi and UAE's President Sheikh Mohamed bin Zayed Al Nahyan leaders witnessed the exchange of the BIT.
“This agreement will be a key enabler for further promoting investments in both countries”, India’s Ministry of External Affairs said in a statement.
India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with the UAE, the statement added.
Earlier in the month, the Union Cabinet in New Delhi gave its approval for signing and ratification of BIT with the UAE.
The BIT is aimed at improving the confidence of investors, especially big investors resulting in a rise in foreign investments and overseas direct investment (ODI) opportunities. It is also likely to have a positive impact on employment generation.
Besides increasing investments in India, the BIT with the UAE is also likely to help in realising the goal of Atmanirbhar Bharat by encouraging domestic manufacturing, reducing import dependence and increasing exports, an official release had earlier said.
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