UAE and India strengthen bilateral economic cooperation

Image Courtesy: Narendra Modi@X | Cropped by GBN
By Staff Writer, GCC Business News

UAE President HH Sheikh Mohamed bin Zayed Al Nahyan and HE Narendra Modi, Prime Minister of the Republic of India, have held wide-ranging discussions on strengthening bilateral cooperation during the Indian Prime Minister’s official visit to the United Arab Emirates.

The talks were held within the framework of the Comprehensive Strategic Partnership and the Comprehensive Economic Partnership Agreement between the two countries, with both leaders reaffirming their commitment to expanding cooperation in support of long-term economic growth and development.

The UAE visit marked the first leg of Prime Minister Modi’s five-nation diplomatic tour to deepen India’s strategic engagement with partners in the Gulf region and Europe.

Focus on strategic and economic cooperation

During the meeting, the two leaders reviewed progress in bilateral cooperation across several priority sectors, including trade, investment, energy, food security, artificial intelligence, advanced technology, and space cooperation.

The discussions also resulted in the signing of multiple agreements covering defense cooperation, strategic petroleum reserves, liquefied petroleum gas supplies, maritime infrastructure, and investment collaboration.

Key agreements signed

A strategic collaboration agreement was signed between Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company (ADNOC) to strengthen cooperation in strategic petroleum reserves.

The agreement was exchanged by HE Dr. Sultan Ahmed Al Jaber, Group Chief Executive Officer of ADNOC, and HE Vikram Misri, Foreign Secretary of India.

Another agreement was signed between Indian Oil Corporation Limited (IOCL) and ADNOC covering supplies of liquefied petroleum gas (LPG), reinforcing India’s energy security partnership with the UAE.

The two countries also signed an Agreement on the Framework for the Strategic Defense Partnership between the UAE Ministry of Defense and the Ministry of Defense of India.

The agreement was exchanged by Lieutenant General Ibrahim Nasser Al Alawi, Undersecretary of the UAE Ministry of Defense, and Vikram Misri.

AI and maritime cooperation

In the technology sector, a term sheet was signed between G42, Mohamed bin Zayed University of Artificial Intelligence, and the Centre for Development of Advanced Computing for the establishment of an 8-Exaflop supercomputing cluster in India.

The agreement was exchanged by HE Mansour Al Mansoori, Chief Executive Officer of G42 International, and Vikram Misri.

India and the UAE also signed a memorandum of understanding (MoU) between Cochin Shipyard Limited (CSL) and Drydocks World (DDW) to establish a ship repair cluster at Vadinar in Gujarat.

A separate MoU involving Cochin Shipyard Limited, Drydocks World, and the Centre of Excellence in Maritime and Shipbuilding (CEMS) was signed to support skill development in ship repair and maritime services.

Both maritime agreements were exchanged by HE Essa Kazim, Chairman of DP World, and HE Deepak Mittal, Ambassador of India to the UAE.

UAE and India strengthen bilateral economic cooperation-GCC Business News
Image via WAM | Cropped by GBN

Major UAE investments in India

The two sides also announced major investment commitments from leading UAE financial and investment institutions.

Emirates NBD announced an investment of $3 billion (AED11.02 billion) (₹28,300 crore) to acquire a 60 percent stake in RBL Bank.

The Abu Dhabi Investment Authority (ADIA) committed $1 billion (AED 3.67 billion) (₹9,440 crore) in investment into India’s National Investment and Infrastructure Fund (NIIF).

Meanwhile, International Holding Company (IHC) announced a $1 billion (AED3.67 billion) (₹9,440 crore) investment to acquire an equity stake in Sammaan Capital.

Regional security and energy concerns

The two leaders also exchanged views on regional and international developments, particularly the evolving situation in the Middle East and its implications for global peace, maritime security, energy supplies, and the international economy.

Prime Minister Modi reiterated India’s condemnation of attacks targeting civilians and civilian infrastructure in the UAE, stating that such actions violate sovereignty and international norms.

During the discussions, Modi highlighted the importance of dialogue and diplomacy in resolving regional tensions and highlighted the strategic significance of maintaining stability in key global trade and energy routes.

Modi emphasized that, “The impact of war in the West Asia region is seen across the world today. India has always given importance to dialogue and diplomacy for resolving issues.”

Modi reaffirmed India’s support for the UAE and said India would continue to cooperate closely in efforts aimed at restoring regional peace and stability.

UAE and India bilateral economic cooperation-GCC Business News
Image Courtesy: Narendra Modi@X | Cropped by GBN

Strong bilateral and people-to-people relations

Prime Minister Modi also thanked the UAE leadership for its continued support for the Indian community living and working in the country, describing the relationship between the two nations as one built on strong people-to-people ties and mutual trust.

The meeting was attended by HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi; HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense; HH Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Adviser to the UAE President; along with a number of ministers and officials and members of the Indian delegation.

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