India-UAE pact on industrial cooperation receives Cabinet's approval

The government on Wednesday 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.

The decision was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi.

An official statement said the MoU envisages cooperation on a mutually beneficial basis in areas including strengthening the supply chain resilience of industries, renewable and energy efficiency, health and life sciences, space systems, artificial intelligence, standardisation, metrology, conformity assessment, accreditation, and halal certification.

The MoU aims at strengthening and developing industries in both nations through investments, technology transfer and the deployment of key technologies in industries, it said.

The implementation of the MoU, it said, may lead to increase in research and innovation in all areas of mutual cooperation.

India-UAE bilateral trade, valued at USD 180 million per annum in the 1970s, has increased to USD 60 billion at present, making the UAE India's third-largest trading partner after China and the US.

The UAE is the eighth largest investor in India with an estimated investment of USD 18 billion.

Indian investments in the UAE are estimated at around USD 85 billion (Rs 6.48 lakh crore).

Both the countries have implemented a comprehensive trade agreement with an aim to increase bilateral trade from USD 60 billion to USD 100 billion in the next five years.