On Wednesday, Prime Minister Narendra Modi chaired the Indian Cabinet where he approved the proposal for signing a bilateral Memorandum of Understanding with the United Arab Emirates. The agreement will be done on cooperation in the field of industries and advanced technologies.
With nearly Rs.1.37 lakh crore investment, UAE became the eighth largest investor in India where India invests around Rs.6.48 lakh crore in UAE. On February 18, both nations signed a bilateral “Comprehensive Economic Partnership Agreement” to potentially increase trade from US$ 60 billion to US$ 100 billion in the next five years.
Economic and commercial relations between India and the UAE are growing, contributing to a rapidly diversifying and deepening bilateral relationship between the two. Trade between India and the UAE, valued at US$ 180 million (Rs.1373 crore) in the 1970s, has increased to US$ 60 billion (Rs.4.57 lakh crore) in 2019-20, making the UAE India’s third-largest trading partner after China and the US.
Research and innovation can be increased in all areas of mutual cooperation by implementing the MoU, especially in the fields of Renewable Energy, Artificial Intelligence, Industry Enabling Technologies, and Health and Life Science.