Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, travelled to India’s economic capital on Friday as he concluded a three-day visit that has laid the groundwork for increased bilateral cooperation and investment.
Sheikh Mohammed visited India’s main bourse, the Bombay Stock Exchange, where the chief executive suggested that his presence may have helped stem the impact on India of turbulence in markets worldwide.
On Thursday “our own markets at the BSE went down by almost 3.5 per cent”, said Ashish Chauhan.
That fall was “perhaps” stopped by Sheikh Mohammed’s arrival, he said, drawing a round of applause from an audience that included a UAE delegation of ministers and business leaders.
Mr Chauhan, who is also managing director of the BSE, said India’s markets would likely be buoyed by UAE plans to invest in the country.
“Today, as India accelerates economic reforms and improves its investment and business environment, and the UAE becomes an increasingly advanced and diversified economy, the two countries have potential to build a transformative economic partnership,” he said.
The BSE’s main index closed 0.15 per cent higher on Friday.
The Crown Prince’s visit at the invitation of Indian prime minister Narendra Modi saw the two countries reaching a number of agreements in areas including trade and infrastructure.
“Recognising the need to further develop and strengthen the historical links that bind the UAE and India, the two leaders agreed to build a partnership for the 21st century anchored in values of respect, mutual understanding, and dynamic cooperation,” the UAE and India said in a joint statement on Friday.
Courtesy: The National, UAE