Prime Minister Narendra Modi on Wednesday has approved a 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.
According to an official statement, the MoU aims at strengthening and developing industries in both nations through investments, technology transfer and the deployment of key technologies in industries. This is also likely to generate employment across the economy.
The MoU will also help in an increase in research and innovation in all areas of mutual cooperation, particularly in the areas of renewable energy, artificial intelligence, industry enabling technologies and health and life science.
“This may lead to growth of these sectors, increased domestic production, enhanced exports and reduction in imports,” the Ministry of Commerce and Industry said in a statement.
India-UAE bilateral trade that was valued at $180 million (Rs 1373 crore) per annum in the 1970s has increased to $60 billion (Rs 4.57 lakh crore). UAE is now India’s third-largest trading partner for the year 2019-20 after China and the US.
Moreover, the UAE is the second-largest export destination of India (after the US) with an export value of $29 billion (Rs 2.21 lakh crore) for the year 2019-2020. The UAE is the eighth largest investor in India with an estimated investment of $18 billion (Rs 1.37 lakh crore), while Indian investments in the UAE are estimated at around $85 billion (Rs 6.48 lakh crore).
In February this year, India and the UAE signed a bilateral “Comprehensive Economic Partnership Agreement” that is aimed at increasing trade between India and the UAE from $60 billion (Rs 4.57 lakh crore) to $100 billion (Rs 7.63 lakh crore) in the next five years, the ministry said.
