MoU to boost UAE investment in Indian infrastructure

In a joint statement at the conclusion of the state visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Prime Minister Narendra Modi and Sheikh Mohamed leaders welcomed the signing of a framework memorandum of understanding (MoU), which would serve to facilitate and expand the participation of UAE investors in infrastructure projects in India.

''The two sides described these developments as important steps towards reaching the $75 billion target for UAE investments in India's infrastructure development plans,'' it said.

India also thanked the UAE for showing interest in the proposal for establishing a semiconductor fabrication facility in India.

''The two sides agreed to further business-to-business cooperation in information technology (IT), information technology-enabled services (ITeS), and electronics system design and manufacturing (ESDM),'' the statement said.

Both countries also agreed to enhance cooperation in space science and space technology and to explore a long-term plan to identify cooperation projects in areas of mutual interest.

With energy being the central pillar of the economic relationship between the two countries,  Modi and Sheikh Mohamed expressed satisfaction at their growing bilateral trade in the energy sector.

''They welcomed the intention of the Abu Dhabi National Oil Company (Adnoc) and the Indian Strategic Petroleum Reserves Ltd. (ISPRL) to sign a memorandum of understanding on the establishment of a strategic petroleum eeserve in India, and agreed to conclude negotiations in the near future,'' the statement said.

''The two sides looked forward to increased cooperation in the crude oil sector, including through training, and human resources development,'' the statement said.

''The Indian side conveyed the keen interest of Indian oil companies in forming joint ventures with and offering equity participation to UAE companies, as well as in seeking participation in prospective exploration rounds in the UAE and in opportunities for joint exploration in third countries.''

On climate change, the two leaders noted that the development of sustainable sources of energy was a shared strategic priority.

In the area of defence cooperation, the two sides renewed their commitment to strengthening the existing cooperation in training, and joint exercises as well as identifying opportunities to cooperate on the production of defence equipment in India.

''The two leaders agreed to enhance cooperation to strengthen maritime security in the Gulf and the Indian Ocean region, which is vital for the security and prosperity of both countries,'' the statement said.

The Abu Dhabi also appreciated the role and contribution that the Indian community has made to the UAE's development, noting that Indian citizens in the UAE were highly respected for their peaceful and hard-working ethics.

There are around 2.6 million expatriate Indians in the UAE, around 60 percent of whom are blue collar workers.