Masdar (UAE), Aug 17 (PTI): Inviting investors from UAE, Prime Minister Narendra Modi today said India has an immediate investment opportunity of USD 1 trillion and the government will take urgent steps to address concerns of the businessmen from this country and erase "deficit of 34 years".
Modi also said his government has got some problems in legacy and his immediate priority would be to kickstart the things which were stalled by the "indecisiveness and lethargy" of the past governments.
"I have got some problems in legacy. I can not take only the good points and leave aside the problems... Some things were stalled due to the indecisiveness and lethargy of the governments (in the last)... It is my priority to kickstart those things," Modi said while addressing the business leaders from the UAE here at the Masdar City.
Modi, who is the first Indian Prime Minister to visit UAE in the last 34 years, said India has huge investment opportunities for investors from the UAE in sectors like infrastructure, energy and real estate and urged them to come to invest in India and together make the 21st century 'Asia's Century'.
The Prime Minister said all major global institutions such as IMF, World Bank and Moody's agree that India is the world's fastest growing economy and it has huge development potential.
"On one hand India is growing fast and on the other hand, the world is looking at Asia. But is Asia complete without UAE? I can clearly see that the UAE should be at the centre of mainstream of things in Asia. UAE's power and India's potential can make it Asia's century," he said.
Modi said he has been told about some problems being faced by investors from the UAE and he wants to assure them that the government is solving those problems.
"I will send my Commerce Minister to try and find solutions to the problems faced by some UAE investors," he said.
The investors told the Prime Minister that they need steps like single window clearance and cited cumbersome and complex processes for doing business in India. To this, Modi assured that these problems will be resolved.
In their meeting with the Prime Minister, the businessmen also said that the government needs to be a strategic partner to create a conducive business environment for the investors who need safety of their investments.
The issue assumes significance as a number of investors, including some from the Middle-East region, have in the past faced problems due to taxation and policy related issues.
Modi said he needs investments to build infrastructure for India's growth and "there is immediate potential for investments totalling USD 1 trillion in India."
Stating that he is well aware of the fact that USD 1 trillion is a big number, Modi said such investments can very well come to India as it has now got a decisive and stable government.
Talking about no Indian Prime Minister having visited the UAE in the last 34 years, Modi said, "We have lost 34 years. I want to erase the deficit of these 34 years. I want all of you to come to India and make 21st Century Asia's century."
Modi said there are 700 flights between India and UAE, but but it took 34 years for an Indian Prime Minister to visit. "I promise this will not happen again," he said.
Those present in the meeting included members of Abu Dhabi Chamber of Commerce and Industry, top government officials and Indian origin industrialists including Yusuff Ali, B R Shetty, Ravi Pillai and PNC Menon who have set up businesses here.
Listing out investment areas, Modi said, "We want technology, speed and quality construction when it comes to housing. Low-cost housing is very important for us.
"It is now commonly believed that India is one of the fastest growing economies. There are several opportunities of development in India.
"I feel India is a land of many opportunities... 125 crore people of India are not a market but they are a source of great strength."
"In the agriculture sector we need cold storage network and warehousing network where UAE businesses have another advantage. Infrastructure development and real estate offer tremendous opportunities for UAE businesses in India.
UAE's power and India's potential can make the dream of an Asian Century a reality." Addressing the roundtable meeting of business leaders at this planned city project in Abu Dhabi, which relies on solar energy and other renewable energy sources, Modi said several sectors including insurance, railways, defence manufacturing have been opened up for foreign investment in India.
Heads of companies like Etisalat, Etihad Airways, Emirates, DP World, Commercial Bank of Dubai and Emaar Group were also present during the meeting.
Modi also talked about renewable energy, port-led development and low-cost housing as sectors with huge investment potential.
Earlier, the Prime Minister was accompanied on an hour-long visit of Masdar City, by senior City officials, who briefed him on various aspects of the project.
Modi also travelled briefly on the PRT (Personnel Rapid Transit) car - a driver-less vehicle which runs from point to point on magnetic strips.
He also visited the Micro-Nano Fabrication Facility and the Microscopy Lab. The Prime Minister also took a brief walking tour of the city's public spaces and was briefed on the sustainable building methodology and key architectural elements.
Throughout the hour-long tour of Masdar City, Modi was greeted by residents and professionals in the city, which include a large number of members from the Indian community. "Vigyan Jeevan Hai" he wrote, as he signed on a Digital Visitor's Book at Masdar City.
Science is life, says Modi on visit to Masdar City
Abu Dhabi, Aug 17 (IANS): "Science is Life", wrote Indian Prime Minister Narendra Modi on Monday and digitally signed in the visitor's book at Masdar City on day two of his visit to the UAE.
Modi visited Masdar city, 17 km from Abu Dhabi, which is a zero carbon planned city.
"'Science is life'. PM @narendramodi digitally signs this message in visitors book at Masdar City," external affairs ministry spokesperson Vikas Swarup said on twitter.
Modi was briefed by officials and researchers about the city and took keen interest as he went around.
Masdar City relies on solar energy and other renewable energy sources.
"Pondering the possibilities. PM @narendramodi discusses the future of urban innovation with Masdar City's architects," Swarup tweeted.
"Morning at Masdar. PM @narendramodi takes a tour of the Masdar City, hub of cleantech and S&T innovation," he said.
Later, Modi held a meeting with business leaders at Masdar City to discuss investment possibilities.
50,000 Indians to hear Modi at historic Marhaba Namo event in Dubai
Dubai, Aug 17 (IANS): All roads in Dubai would be leading to the Dubai International Cricket Stadium where 50,000 Indian expatriates have registered for 'Marhaba Namo' - a grand public reception being held for visiting Indian Prime Minister Narendra Modi on Monday evening.
Modi, who is on a two-day visit to the United Arab Emirates, is to address the Marhaba Namo, which is being touted as another Madison Square-like event.
The 'Marhaba Namo' is being hailed as unprecedented in the history of the UAE where for the first time a visiting head of state has been allowed a reception on this scale.
The seating capacity inside the stadium is 30,000, an additional 15,000 will be accommodated outside the stadium, where food stalls, DJs and two large video walls will broadcast Modi's speech live.
Seeing the unprecedented response, the organising committee issued an alert that registering online is not a guarantee for admission into the Dubai Cricket Stadium.
Under directives of Dubai Police, the organisers said that gates to the stadium will open at 3 p.m. to allow the public. Modi is expected to address the event at 8 p.m. in an hour-long address.
The cultural programme will begin at 6.30 p.m. featuring 35 international artistes who have been flown down especially for the event.
Dubai's Roads and Transport Authority (RTA) is organizing around 200 public buses to take people to and from the stadium.
A press statement issued by 'Marhaba Namo' said that online registration through a dedicated website www.namoindubai.ae does not ensure entry to the stadium for the public reception for Modi.
Access to the event would be on first come first entry basis, it said.
"Gates of the stadium will be closed as soon as it is filled to capacity," the statement added.
Children below five years of age will not be allowed and bringing of food, cameras and video cameras will be restricted, said organisers.
Around 40,000 food packets will be ready for visitors and free water will be provided, they said.
Giant screens outside the stadium will display the event live for people unable to enter the stadium, the organisers said.
Addressing a press conference on Sunday, Anurag Bhushan, Indian consul general, said: "We are privileged that Modi has decided to pay a visit which comes after 34 years after the last visit made by the then prime minister, Indira Gandhi, in 1981. The fact that he is coming here on a standalone visit makes the Indian community justifiably proud. We want this to be a momentous and memorable event."
B.R. Shetty, member of the reception organising committee Namo in Dubai, said: "This is a dream come true for all Indian expatriates. We want this event to conclude smoothly so that both the Indian government and the UAE government can have reason to be proud of the Indian community here."
Five ambulances - three for the stadium and two for the spillover crowd - have been deployed. A team of 55 health-care professionals comprising 30 doctors, 12 paramedics and 13 nurses will be in attendance. They will be split in teams of five attending to medical emergencies inside and outside the stadium, said gulfnews.com.
Over 1,000 volunteers wearing badges will assist the people, in addition to 340 private security personnel and a contingent of Dubai Police.
While radio stations will provide live updates, no live relay of the speech has been permitted by the National Media Council, it said.
The UAE is home to 2.6 million Indian workers.