Raka Roy

Raka Roy is a Partner specializing in IP and Data Protection at Galadari Advocates & Legal Consultants, with a specific focus on the MENA region

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Economic Empowerment: The Latest UAE-India Collaborations And Their Impact

The recently signed MoUs between the two countries, highlighting the UAE's strong dedication to supporting India's growing economy, which is projected to grow by 7.3 per cent this fiscal year

The UAE Ministry of Investment has recently signed three Memorandums of Understanding (MoUs) with India. These agreements outline plans for the expansion of bilateral investment cooperation in the renewable energy, food processing, and healthcare sectors.

The MoUs were signed by the relevant Indian ministries, highlighting the UAE's strong dedication to supporting India's growing economy, which is projected to grow by 7.3 per cent this fiscal year. The three MoUs are between the UAE Ministry of Investment and the Ministry of New and Renewable Energy of India, the Ministry of Food Processing Industries of India, and the Ministry of Health and Family Welfare of India. Additionally, both countries have signed bilateral agreements to facilitate trade transactions using local currencies (INR-AED). The agreement was established on July 15th, 2023, and aims to promote cross-border transactions.

Reflection of shared trust

The leaders have expressed that establishing a Local Currency Settlement System for bilateral trade demonstrates a shared sense of trust.

This cooperation will also involve the reciprocal acceptance of domestic payment systems by linking national payment networks. Integrating these systems will improve access to payment services for the benefit of the citizens and residents of both countries.

A $3 billion agreement to enhance bilateral relations between the UAE and India

In a significant development between the two BRICS allied nations, the UAE and India have deepened their ties through a $3 billion Agreement. According to Reuters, a Memorandum of Understanding was signed, as reported by the Dubai Media Office.

The agreement will cover the establishment of new port terminals and economic zones in an Indian state. This further demonstrates the growing bilateral cooperation between the two countries, particularly since the UAE joined the BRICS bloc earlier this year.

MoU to promote educational connections between the two nations

Furthermore, In November 2023, the Ministers of Education from both countries signed a MOU to strengthen their existing educational collaboration. This would facilitate the mobility of students and faculty members, as well as various other initiatives.

The two countries will engage in faculty exchanges, collaborate on research projects, develop educational programs, and participate in various academic events such as conferences, lectures, symposia, and exhibitions.

Upcoming visit of the Prime Minister of India to Abu Dhabi

Additionally, Prime Minister Narendra Modi will be visiting the UAE next month and will address the Indian community at a reception called 'Ahlan Modi' on February 13. The reception will take place at Sheikh Zayed Sports stadium in Abu Dhabi. Furthermore, PM Modi will also have the opportunity to inaugurate the BAPS Hindu Mandir in Abu Dhabi on February 14.

In conclusion, the implementation of these steps will be a game-changer in the markets between the two countries. It will not only enhance cooperation and understanding but also open up new prospects for development and sustainability. The benefits of this collaboration will be far-reaching and will have a positive impact on both the nations and their people.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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