Abu Dhabi: Prime Minister Narendra Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan on Friday agreed to launch new initiatives to promote a comprehensive energy partnership.
In this context, they welcomed the conclusion of a Strategic Collaboration Agreement between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company to enhance the UAE’s participation in India’s Strategic Petroleum Reserves to 30 million barrels, and to work together to set up strategic gas reserves in India, according to a Prime Minister’s Office statement issued after the meeting between the two leaders in Abu Dhabi.
They also welcomed the arrangement entered into between Indian Oil Corporation Limited and Abu Dhabi National Oil Company on long-term Liquefied Petroleum Gas supplies.
The two leaders welcomed the announcement of USD 5 billion in investment into India by UAE entities.
This includes investments of USD 3 billion by the Emirates New Development Bank in RBL Bank of India, USD 1 billion by the Abu Dhabi Investment Authority in the National Infrastructure and Investment Fund of India for priority infrastructure projects in India, and USD 1 billion by the International Holding Company in Sammaan Capital of India.
These investments underscore the UAE’s sustained, long-term commitment to India’s growth story and strengthen the bilateral strategic investment partnership, the statement said.
The other agreements signed during PM Modi’s visit to the UAE include the inking of a Memorandum of Understanding between Cochin Shipyard Limited and Drydocks World, Dubai, for setting up a Ship Repair Cluster at Vadinar in Gujarat, including offshore fabrication, under the Maritime Development Fund Scheme launched by the Government of India, the Prime Minister’s Office statement said.
The tripartite Memorandum of Understanding between Cochin Shipyard Limited, Drydocks World Dubai, and the Centre of Excellence in Maritime and Shipbuilding on skill development in ship repair establishes a framework to mobilise, train and employ a skilled maritime workforce, enhances the capabilities of the Indian maritime workforce, and positions India as a hub for skilled shipbuilding and ship repair professionals, the statement said.
Besides, the two sides concluded a term sheet for setting up an 8 Exaflop Super Compute Cluster in partnership between the Centre for Development of Advanced Computing, India, and G-42, UAE.
According to the statement, PM Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan also welcomed the operationalisation of the Virtual Trade Corridor using MAITRI (Master Application for International Trade and Regulatory Interface).
This digital framework, connecting customs and port authorities on both sides, will streamline cargo movement, reduce costs and transit time, and enable more efficient trade flows.
The two leaders also reviewed the entire gamut of bilateral relations and welcomed the deepening of the Comprehensive Strategic Partnership across multiple sectors, including energy, trade, investment, defence, security, fintech, infrastructure, education, culture, and people-to-people ties.
They acknowledged the success of the India-UAE Comprehensive Economic Partnership Agreement, which has led to bilateral trade scaling new heights.
(IANS)
