Photo: Reuters
Photo: Reuters

Single window clearance for all UAE investments

The one-window contact for all investments will take relationship with India to new step, says UAE ambassador

New Delhi: India has set up a nodal office at the commerce ministry to facilitate speedy approvals to investments from the United Arab Emirates (UAE). It has similar arrangements with Japan and South Korea.

The UAE ambassador to India, Ahmed Al Banna, on Thursday told reporters that the mechanism was agreed upon at a meeting of trade and commerce ministry officials of the two countries last month.

The proposed “single window" to give clearances to investments from the UAE will smoothen the procedures of investors wishing to invest in India, he added. “There will be a one-window contact for all UAE investments... in order to make sure that relationship with India is taken to a new step."

On India’s concerns of rising fuel prices and possible oil shortages, Al Banna said the UAE and Saudi Arabia have stood with India in the past to cover deficits. Oil price volatility is a key issue for India, given that New Delhi imports more than 80% of its oil supplies. India is one of the seven countries, which have been given a waiver by the US to keep buying Iranian oil, despite the sanctions on Iran by the Trump administration.

In a press conference last week, foreign secretary Vijay Gokhale had said that Prime Minister Narendra Modi would raise the issue of volatility in global oil prices at the G20 summit in Argentina.

“Even if that had not taken place, if you go back to history, in previous times, the UAE and Saudi Arabia have always stood very strongly and supplied and covered any shortage of oil or fuel concerns of India. So, I dont think there is any major concern on that," he said.

Saudi Arabia and the UAE are among the major oil suppliers to India.

Earlier this month, India was given a six-month relief by the US to bring Iranian oil imports to zero under the Countering America’s Adversaries Through Sanctions Act (CAATSA), aimed at hitting the Russian, Iranian and North Korean entities hard.

In June this year, the world’s biggest oil producers, Saudi Arabian oil company Saudi Aramco, Abu Dhabi National Oil Co (Adnoc), the state-run oil firm of the UAE, and India came together to jointly develop the refinery and petrochemicals complexes coming up at Ratnagiri in Maharashtra.