Reportedly, dedicated investment zones in both nations, a joint Hydrogen Task Force, and mutual collaboration and promotion of critical technologies such as e-businesses and e-payment solutions have featured among a large bouquet of cooperation measures, announced at the India-UAE joint summit on February 18.
The virtual summit was hosted by Prime Minister Narendra Modi with Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed al Nahyan.
Apart from the comprehensive economic partnership agreement signed between India and the UAE on Friday, both nations also committed to expediting work on a dedicated investment zone for UAE companies in India, the Joint Vision Statement released after the summit said.
They will also push for joint ventures with a focus on setting up a food corridor and the establishment of a dedicated India Mart in Jebel Ali Free Zone, in Dubai.
The nations also committed to creating investment opportunities for Indian investors in establishing specialized industrial advanced technology zones in Abu Dhabi, with a specific focus on areas of logistics & services, pharmaceuticals, medical devices, agriculture, agri-tech, steel, and aluminium.
In what is a first among India’s bilateral cooperation frameworks now, India and the UAE have committed to expanding cooperation and collaborating on critical technologies. This will involve mutually promoting e-businesses and e-payment solutions. Both governments will also promote start-ups from both countries.
Climate and energy
Both nations have also agreed to support each other’s clean energy missions and establish a joint Hydrogen Task Force to help scale up technologies, with a special focus on the production of Green Hydrogen.
Taking forward the energy partnership between the nations, India and the UAE have also decided to promote collaboration opportunities to support India’s energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India’s growing economy, the Statement said.
Crucially, mutual support in energy transition and focused work on a low-carbon future has also been mentioned.
Health and education
Taking forward the budding partnership in distributing vaccines and Covid supplies both nations saw during the second wave, they have now also agreed to collaborate in research, production, and development of reliable supply chains for vaccines. This will be followed up by enhanced investments by UAE entities in India as well as collaboration in providing health care in underprivileged countries.
This focus on supply chains would also be extended to enhance the resilience and reliability of food supply chains. “Both nations agreed to expand cooperation through enhanced bilateral food & agriculture trade and, promote and strengthen the infrastructure and dedicated logistic services connecting farms to ports to final destinations in the UAE,” the statement said.
In an interesting move, it has been decided that an Indian Institute of Technology will be set up in the UAE. Enhanced cooperation in skill development has also been stressed, ‘so as to align with the market needs and address the changing needs for the future of work’. Both nations also agreed to enhance maritime cooperation contributing to the maintenance of peace and security in the region. They reaffirmed joint commitment to the fight against extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels.
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