An infrastructure fund that could potentially reach $75bn is among the key developments arising from the meeting between India’s Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.

The fund is targeted at investment in India’s railway, ports, roads, airports and industrial corridors, according to a joint UAE-Indian statement issued at the end of Modi’s two-day visit to the UAE.

The two countries also agreed to facilitate participation of Indian companies in infrastructure development in the UAE, and reciprocally for the UAE’s participation in the development of India’s strategic petroleum reserves and in the downstream and upstream petroleum sectors.

Some of the other areas of cooperation in the 30-point agreement include the coordination of efforts between the two countries to counter radicalisation and misuse of religion; prevent the use of cyber terrorism; strengthen cooperation in law enforcement, anti-money laundering, drug trafficking and other trans-national crimes including extradition agreements; and strengthen maritime security in the Gulf and Indian Ocean region.

Both countries also pledged to strengthen defence relations by undertaking regular exercises and training of naval, air, land and special forces.

The agreement, while including a clause to promote peace, reconciliation, stability and cooperation in the wider South Asia, Gulf and West Asia regions, also focused on cooperation in the manufacturing of defence equipment in India.

The UAE is India’s third-largest trading partner next to China and the US, with annual trade between the two countries hovering around $60bn.