Modi talked about investment climate in India as both leaders deliberated on ways to further boost trade ties while emphasising on taking forward the the overall relationship.
Earlier, Modi arrived here from Abu Dhabi on the second leg of his UAE visit. Sheikh Mohammed, who is also ruler of Dubai, accorded a warm welcome to Modi.
Modi had arrived in Abu Dhabi yesterday on a two-day visit, the first by an Indian Prime Minister in 34 years.
Indians have emerged as important investors within the UAE and India as an important export destination for the UAE manufactured goods. India-UAE trade, valued at USD 180 million per annum in the 1970s has gone up to around USD 60 billion.
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India's major import items from UAE include petroleum and petroleum products, precious metals, stones, gems, jewellery, minerals and chemicals.
The two countries have been cooperating in the defence sector too.
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.