Indians’ investment stands at $85bn in the UAE
Noting the UAE’s US$18 billion investments in India and US$85 billion Indian investments in the emirates, the Cabinet has on 8 June 2022 approved the bilateral Memorandum of Understanding signed on 18 Feb 2022.
The Cabinet noted that the growing India-UAE economic and commercial relations contribute to the stability and strength of a rapid diversifying and deepening bilateral relationship between the two countries.
India-UAE bilateral trade, valued at US$180 million per annum in the 1970s, has increased to US$60 billion for now. This makes the UAE third largest trading partner for the year 2019-20 for India, after China and the US.
Moreover, the UAE is the second largest export destination of India, after the US, with an export value of US$29 billion for the year 2019-2020.
India and the UAE, Comprehensive Economic Partnership Agreement (CEPA), signed on 18 Feb 2022, has the potential to increase trade between the two countries from US$60 billion to US$100 billion in the next five years.
The MoU envisages cooperation on a mutually beneficial basis in the following areas:
a. Strengthening the Supply Chain Resilience of Industries
b. Renewable & Energy Efficiency
c. Health and life sciences
d. Space Systems
e. Artificial Intelligence
f. Industry 4.0 Enabling Technologies
g. Standardization, 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. This is likely to generate employment across the economy.
The implementation of MoU is expected increase research and innovation in all areas of mutual cooperation, particularly in the areas of Renewable Energy, Artificial Intelligence, Industry Enabling technologies as well as Health and Life science.
This may lead to growth of these sectors, increased domestic production, enhanced exports and reduction in imports. fiinews.com