Chidambaram urges UAE investment in infrastructure sector

Dubai: Seeking more foreign investment into India, Finance Minister P Chidambaram on Sunday met sovereign wealth funds here and discussed scope for investing into the infrastructure sector and corporate bonds.

On his day-long visit to the Gulf-nation, he met senior government functionaries and Abu Dhabi Investment Authority (ADIA) Managing Director Shaikh Hamed Bin Zayed Al Nahyan, Indian ambassador to the UAE M K Lokesh told PTI.

"The two sides discussed ways to strengthen investments in each others' countries and the finance minister sought more investment from the UAE, especially in the infrastructure and corporate debt sectors," Lokesh said.

The minister also promised to look into the issues related to the UAE investments in India, he said.

The visit is part of Chidambaram's global tour to attract foreign investments. He has held similar investor meets in Hong Kong, Singapore, UK, Germany, France, Japan, Qatar, Canada and the US to attract foreign investment into India.

Chidambaram has been emphasising that India offers "unlimited" investment opportunities in the infrastructure sector and the country is looking at spending around USD 1 trillion over five years in areas such as roads, airports and seaports.

India is betting big on foreign resources to finance the Current Account Deficit (CAD), which had widened to a record high of 6.7 per cent in October-December quarter of 2012-13.

In his earlier meetings with the investor community, Chidambaram had expressed India's commitment to economic reforms.

He also highlighted the measures proposed in the Budget 2013-14 for investments and markets to help the economy grow at 6.1-6.7 per cent.