Mumbai, March 3 (IANS): India and the United Arab Emirates (UAE) Monday agreed to cooperate for setting up a strategic petroleum reserve in Asia's third largest economy, in a bid to further strengthen economic relations.

Top leaders of the two countries discussed the possible cooperation at the second meeting of India-UAE High Level Joint Task Force on Investments here.

The meeting was co-chaired by India's Commerce and Industry Minister Anand Sharma and chairman of Abu Dhabi Crown Prince Court Sheikh Hamed bin Zayed Al Nahyan.

“Discussions were held on supporting the establishment of a strategic petroleum reserve in India in a manner serving the common strategic interests of both countries and based on the principles of long term strategic partnership and cooperation,” according to an official statement released after the meeting.

“The decision was taken to establish another joint working group to make progress on this effort,” it said.

The joint task force was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate cross-border investments.

More than 30 government and private sector representatives from India and the UAE participated at the meeting.

The first meeting of the joint working group was held in Abu Dhabi in February 2013.

During the meeting Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for the UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, renewable energy and urban infrastructure.

He also highlighted India’s desire to participate in the hydrocarbon sector in the UAE, especially in the upstream petroleum sector, according to a statement released here by India's commerce and industry ministry.

Sharma said India sees greater opportunities for UAE investors as strategic partners in the country's growth story.