Diplomatic Triumph: UAE's Sheikh Mohamed bin Zayed Al Nahyan Seals Deals with India
In a move aimed at boosting economic collaboration, the Ministry of Investment of the United Arab Emirates signed three Memorandums of Understanding with India, underscoring the commitment to bolster investment cooperation in key sectors. The agreements were inked in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.
Renewable Energy Takes Center Stage:
Under the first MoU, the Ministry of Investment of the UAE and the Ministry of New and Renewable Energy of the Republic of India committed to collaboration in the renewable energy sector. The agreement, signed by His Excellency Mohamed Hassan Alsuwaidi and His Excellency Dr. Subrahmanyam Jaishankar, aims to implement renewable energy projects in India with a potential capacity of up to 60 gigawatts. This aligns with India's goal of achieving net-zero emissions by 2070 and sourcing 50 percent of its electricity from renewable sources by 2030.
Food Processing Sector Gains Momentum:
The second MoU, inked between the Ministry of Investment of the UAE and the Ministry of Food Processing Industries of India, focuses on investment cooperation in food park development. This partnership, signed by His Excellency Mohamed Hassan Alsuwaidi and His Excellency Pashupati Kumar Paras, seeks to harness agritech, clean tech, and renewable energy solutions. India's food processing sector, a 'sunrise sector,' is set to benefit from this collaboration, with the Mega Food Park Scheme playing an important role in enhancing infrastructure facilities along the value chain.
Innovative Healthcare Initiatives Take Shape:
The third MoU, signed by His Excellency Mohamed Hassan Alsuwaidi and His Excellency Dr. Mansukh Mandaviya, pertains to investment cooperation in healthcare projects. The emphasis is on precision health, incorporating personalised healthcare based on genetic, genomic, or biological composition. The development of a genomic centre of excellence is under consideration as a potential project. India's healthcare sector, estimated at USD 372 billion, stands to benefit from this collaboration, as the nation continues to prioritise accessible and innovative healthcare.
Multidimensional Economic Engagement:
The economic engagement between the UAE and India is multifaceted, supported by the Comprehensive Economic Partnership Agreement in effect since May 2022. Bilateral trade reached USD 84.5 billion between April 2022 and March 2023, with expectations to surpass USD 100 billion by 2027. The UAE, as the seventh-largest investor in India, demonstrates its commitment with an estimated investment of USD 18 billion in 2023.
Future Prospects:
These MoUs signify a strong commitment from both nations to boost collaboration in renewable energy, food processing, and healthcare, contributing to the continued growth of India's economy. The agreements aim to facilitate knowledge exchange, implement incentives, and build relationships between public and private organisations, further solidifying the multifaceted economic relationship between the UAE and India.
