India and the UAE agreed to improve their trade and investment relations during the first meeting of India-UAE High Level Task Force on Investment in Abu Dhabi on 18 February 2013. UAE decided to invest 2 billion dollars in Infrastructure sector projects in India and the two countries decided to work for and support Strategic Oil Reserve in India. The meeting was co-chaired by the Union Minister of Commerce, Industry and Textiles, Anand Sharma and Sheikh Hamid Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court.
As a part of the bilateral agreement, Five high level sub committees will be set up to promote investment in infrastructure and energy, trade and investment, manufacturing and technology, Information and communications technology and aviation sectors. India and UAE also decided to work together for third country projects, including Africa aimed at collaborating in the infrastructure sector and oil and gas exploration. The two countries also agreed to put in place Bilateral Investment Promotion and Protection Agreement(BIPA).