MoU between India and the UAE: The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has approved the proposal for signing a bilateral Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) on cooperation in the field of industries and advanced technologies.
Significance of the MoU:
- The MoU aims at strengthening and developing industries in both nations through investments, technology transfer, and the deployment of key technologies in industries.
- The implementation of the MoU seeks to lead to increasing research and innovation in all areas of mutual cooperation.
The MoU envisages cooperation on a mutually beneficial basis in the following areas:
- Strengthening the Supply Chain
- Resilience of Industries
- Renewable & Energy Efficiency
- Artificial Intelligence
- Health and life sciences
- Space Systems
- Industry 4.0 Enabling Technologies
- Standardization, conformity assessment, accreditation, metrology and Halal certification.
India & UAE Bilateral Trade:
- Bilateral trade between India and the UAE has increased from $180 million per year in the 1970s to $60 billion today, making the UAE India's third-largest trading partner after China and the United States.
- With an estimated investment of $18 billion, the UAE is India's eighth largest investor.
- Indian investments in the UAE are estimated at around $85 billion (₹6.48 lakh crore).
- Both countries have signed a comprehensive trade agreement with the goal of increasing bilateral trade from $60 billion to $100 billion over the next five years.
- The signing of the MoU will result in fulfilling the goal of Atmanirbhar Bharat in making India a self-reliant nation.