Cabinet nod for India-UAE pact on industrial cooperation
The Hindu
The Union Cabinet signed a MoU between India and the United Arab Emirates (UAE) on cooperation in the field of industries and advanced technologies
The government on June 8 approved a proposal for signing a bilateral Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) on cooperation in the field of industries and advanced technologies.
The decision was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi.
An official statement said the MoU envisages cooperation on a mutually beneficial basis in areas including strengthening the supply chain resilience of industries, renewable and energy efficiency, health and life sciences, space systems, artificial intelligence, standardisation, 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, it said.
The implementation of the MoU, it said, may lead to increase in research and innovation in all areas of mutual cooperation.
India-UAE bilateral trade, valued at $180 million per annum in the 1970s, has increased to $60 billion at present, making the UAE India’s third-largest trading partner after China and the U.S.
The UAE is the eighth largest investor in India with an estimated investment of $18 billion.
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