India and UAE explore further cooperation in Trade, Economic and Technical Cooperation
India has invited investments from the UAE in key sectors of the Indian economy
By IAR Desk
NewDelhi / DAbu Dhabi: August 17th, 2020: India today invited investments from the United Arab Emirates (UAE) in key sectors of the Indian economy such as infrastructure including logistics, food parks, highways, ports, airports, renewable energy and defence. The UAE has a sovereign wealth fund amounting to more than $800 billion.
The proposal was made at the 13th Session of the India-UAE Joint Commission Meeting on Trade, Economic and Technical Cooperation which was held virtually because of the Covid-19 pandemic. It was co-chaired by Dr. Subrahmanyam Jaishankar, Minister of External Affairs of India and Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation of the United Arab Emirates.
Earlier on 13 August 2020, the Senior Officials Meeting (SOM) was also held virtually between Sanjay Bhattacharyya, Secretary (Consular, Passport and Visa & Overseas Indian Affairs), Ministry of External Affairs of India and Abdul Nasser Al Shaali, Assistant Minister of Economic and Trade Affairs, Ministry of Foreign Affairs and International Cooperation of the United Arab Emirates.
Virtual meetings of the members of the 5 Sub-Committees from India and the UAE on Overview and High-level exchanges; Economic, Trade and Investment cooperation; Consular & Community Affairs cooperation; Defence and security cooperation; and Education, culture and youth cooperation were held on 10 and 11 August 2020 to set the tone of today’s meeting..
Wide-ranging discussions were held in a friendly, frank and constructive atmosphere, reflecting the strong bilateral ties between the two strategic partners, the Ministry of External Affairs announced.
India and the UAE share close political relations, which have been assidiously cultivated by both sides over the past few years. Both sides “expressed satisfaction over the sustenance of momentum in the bilateral relations” in various areas for mutual benefit under the aegis of the Comprehensive Strategic Partnership, which was signed in 2016 during the visit of UAE’s Crown Prince and Deputy Commander of the Armed Forces Mohammed bin Zayad Al Nahyan. Both countries pledged to “strengthen cooperation in ongoing areas and also to explore cooperation in newer areas reflecting the changing times”, according to the Ministry.
Trade, economic, and investment cooperation between the two countries has been growing.
The role of the Indian diaspora in the UAE waswalso noted and the UAE side conveyed its appreciation for the “significant contributions made by the Indian expatriate community and expressed its willingness to further strengthen links in energy and food security”. The expatriate community is one of the bedrocks of the bilateral relationship, constituting the largest expat community in the sheikhdom.
Both India and the UAE also welcomed the close cooperation during the last few months in the fight against the COVID-19 pandemic and discussed a joint strategy to offset the economic and social impact of the pandemic on both countries. While India had supplied much needed hydroxychloroquine tablets used in the treatment of Covud-19 to the UAE, the Gulf monarchy had sent humanitarian supplies in a show of solisasoli with India in the fight against the pandemic.
Both countries also discussed the regional issues pertaining to their neighbourhood and cooperation at the United Nations and other multilateral fora. India has welcomed the recently announced peace deal between the UAE and Israel. India shares close ties with both countries.
The next Session of the India-UAE Joint Commission Meeting is slated for 2021 in Abu Dhabi.
