New Delhi, Nov 18 (IANS): Urban Development Minister M. Venkaiah Naidu Tuesday invited countries and corporates to invest in India's urban development sector where $140 billion could be invested over the next 20 years.

Inaugurating the 4th Smart City Expo World Congress at Barcelona in Spain, Naidu said the Indian government "has recently liberalized foreign direct investment norms in real estate and the construction sector, and several initiatives are also being taken to improve the ease of doing business in the country".

"The Indian government's initiatives in the urban sector offer an investment opportunity of about $140 billion over the next 20 years (Rs.42,000 crore per year)," said Naidu, who was invited by the Mayor of Barcelona as chief guest for the event.

"India would like to gain from the experience of planning and execution of smart city practices of Barcelona," said a statement here citing the minister.