India plans to sign a deal with the United Arab Emirates (UAE) to cooperate in advanced technologies, from supply chains to space research.
The memorandum of understanding (MoU) follows February’s signing of bilateral economic partnership agreement, which the two countries said has the potential to increase trade between India and the UAE to $100 billion by 2027 from $60 billion now.
The two sides will work together on strengthening collaboration in seven areas: strengthening supply chain resilience, renewable energy and energy efficiency, health and life sciences, space systems, advanced industrial technology, artificial intelligence, and standardisation.
The standardisation cooperation would include metrology, conformity assessment, accreditation, and halal certification.
The UAE is India’s third largest trading partner after China and the US.
“The MoU aims at strengthening and developing industries in both nations through investments, technology transfer and the deployment of key technologies in industries,” the Indian government said in a statement. “This is likely to generate employment across the economy.”
The deal follows a May decision to step up defence joint ventures.
India has also held a series of meeting focused on energy transition. UAE Minister of Industry and Advanced Technology Sultan Al Jaber visited New Delhi on May 26.
The UAE is the eighth largest investor in India with an estimated investment of $18 billion. Indian investments in the Middle East federation are estimated at $85 billion.
- George Russell