New Delhi : India and the United Arab Emirates have decided to set up a high-level joint task force on investment which will also look into securing more oil supplies from UAE.

Managing Director of the Abu Dhabi Investment Authority Sheikh Hamad bin Zayed al Nahyan and India’s Commerce and Industries Minister Anand Sharma will lead the respective sides of the high-level task force. The decision was taken following wide ranging discussions between External Affairs minister SM Krishna and his counterpart from UAE Sheikh Abdullah bin Zayed Al Nahyan in New Delhi on Friday.

Noting that the United Arab Emirates’ leadership is now keen to address the issue of investments to bring it on par with the multi-faceted relations the two countries enjoy in all other sectors, he said the high-level joint task force would explore further opportunities in investments.

Sheikh Hamad bin Zayed al Nahyan said besides oil, UAE was also looking at investment opportunities in sectors like petrochemicals.

Both the leaders held discussions on ways to boost trade ties and maritime security cooperation to tackle piracy. Other issues that figured in talks, included situation in West Asia, Iran’s nuclear programme, Afghanistan and Indo-Pak relations.

The two sides also discussed the 3rd India-Arab Economic Conclave to be held in Abu Dhabi from Monday.