On Wednesday, Indian PM Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan (MBZ) witnessed the signing of four MoUs between India and the UAE, spanning renewable energy, healthcare, and food parks and logistics, among other fields.
MBZ was in India on a two-day visit from 9-10 January to be the Chief Guest of the 10th Vibrant Gujarat Global Summit.
Healthcare Cooperation
This was the second official visit of MBZ during his tenure as President and his fourth overall visit in the last eight years.
Modi and MBZ held a roadshow and reaffirmed the close ties between their countries during their talks.
The first MoU was signed on Investment Cooperation in Innovative Healthcare Projects.
Today I participated in the Vibrant Gujarat Global Summit in India, alongside leaders and officials from around the world. The UAE firmly believes in the power of building bridges of cooperation to promote economic growth, and fostering international collaboration to address… pic.twitter.com/4CDExeZrOI
— محمد بن زايد (@MohamedBinZayed) January 10, 2024
The two sides decided to improve ongoing health cooperation by encouraging investments, sharing knowledge, and creating a legal framework for cooperation.
Both leaders acknowledged “the potential of India and the UAE to become a reliable alternative in global health supply chains of vaccines and pharmaceuticals.”
Opportunities to cooperate in the growing health infrastructure in third countries were also discussed.
Cooperation in Renewable Energy
The second MoU was signed on Investment Cooperation in the Renewable Energy Sector.
The agreement aims to establish efficient cooperation in the renewable energy sector with the goal of putting energy projects into action.
The leaders also agreed to improve the partnership in the energy sector, including in oil, gas and renewable energy. They agreed to advance cooperation in green Hydrogen, Solar Energy and Grid Connectivity.
Food Park Project
The third MoU was signed on Investment Cooperation in Food Park Development.
The leaders highlighted that the “India-UAE Food Park project will promote the reliability and resilience of food supply chains and expand food and agriculture trade between the UAE and India.”
The joint statement said that both nations intend to implement this project, which will unleash additional value for food security for both countries and the region.
Notably, in July 2022, the UAE pledged $2 billion to develop food parks in India as a part of the I2U2 initiative, which includes India, Israel, the UAE and the US.
Strengthen Trade Ties
Lastly, a fourth agreement was signed between DP World and the Government of Gujarat for development of Special Economic Zone (SEZ), ports, and related infrastructure.
India and the UAE acknowledged that signing the agreement would boost bilateral trade between the two nations, which has been on the rise since the Comprehensive Economic Partnership Agreement (CEPA) came into force on 1 May 2022.
The two sides acknowledged that the UAE is the fourth largest investor in India in 2022-23, up from the seventh largest in 2021-22.
They applauded the steps taken by the Abu Dhabi Investment Authority (ADIA) to become a part of Gujarat’s financial free zone, the Gujarat International Finance Tec-City (GIFT City).
“With the bilateral trade rising to $85 billion in 2022-23, the leaders expressed optimism that the target of non-oil trade to $100 billion can be achieved, well ahead of the target year 2030,” the joint statement read.
Discussions on Gaza, Terrorism
“Both leaders reiterated the need to unite efforts to immediately reach a humanitarian ceasefire in Gaza to allow safe, unhindered, and expanded humanitarian access at scale,” the release stated.
India commended the UAE-led efforts in the UNSC, including the adoption of Resolution 2720 concerning the humanitarian crisis in Gaza.
Additionally, the UAE reiterated its unwavering position against extremism and terrorism in all of its shapes and forms on a regional and global scale, and its strong endorsement of India’s bid for permanent membership of a reformed UNSC.