• MoU’s implementation could lead to more research and innovation in all areas of mutual cooperation.
• Bilateral trade between India and the UAE increased USD 60 billion in 2019-20
• UAE is India’s second-largest export destination
The proposal to sign a bilateral Memorandum of Understanding (MoU) on Cooperation in the Field of Industries and Advanced Technologies between India and the United Arab Emirates (UAE) was approved on June 9 by the Union Cabinet, which is chaired by Prime Minister Narendra Modi.
Growing India-UAE economic and commercial ties contribute to the two countries’ rapidly diversifying and deepening bilateral relationship’s stability and strength. Bilateral trade between India and the UAE has increased from USD 180 million (Rs.1373 crore) in the 1970s to USD 60 billion (Rs.4.57 lakh crore) in 2019-20, making the UAE India’s third-largest trading partner after China and the United States.
Furthermore, with an export value of US$ 29 billion (Rs.2.21 lakh crore) for the fiscal year 2019-2020, the UAE is India’s second-largest export destination (after the US). The UAE is India’s eighth largest investor, with an estimated investment of US$ 18 billion (Rs.1.37 lakh crore). Indian investments in the UAE are estimated to be worth around $85 billion (Rs.6.48 lakh crore).
In the following areas, the MoU envisions mutually beneficial collaboration:
Increasing the Resilience of Industries’ Supply Chains
Energy Efficiency and Renewables
Life sciences and health
Systems for Space Flight
Enabling Technologies for Industry 4.0 (Industry 4.0)
Standardization, metrology, conformity assessment, accreditation, and Halal certification are all terms used to describe the processes of standardisation, metrology, conformity assessment, accreditation, and
Mou aims to strengthen and develop industries in both countries
Through investments, technology transfer, and industry deployment of key technologies, the MoU aims to strengthen and develop industries in both countries. This is likely to result in job creation across the economy.
The MoU’s implementation could lead to more research and innovation in all areas of mutual cooperation, especially renewable energy, artificial intelligence, industry enabling technologies, and health and life science.