During PM's visit to UA, President of the UAE Sheikh Mohamed bin Zayed Al Nahyan signed the India-UAE Comprehensive Strategic Agreement through a series of initiatives in maritime, infrastructure, energy security, and banking services.
PM Modi's office has released a statement after the meeting in Abu Dhabi that the two leaders have signed an MoU between India and the UAE to expand India's Petroleum Reserves to 30 million barrels. ADNOC and IOCL have signed a long-term cooperation agreement to provide a stable fuel supply to India. Also, a $5 billion investment package is coming to India from the UAE in the infrastructure, banking, and financial sectors. The $3 billion investment into RBL bank, while $1 billion into the National Infrastructure and Investment Fund, and $1 billion into Sammaan Capital.
This shift showcases the UAE's confidence in the growth story of India. India and the UAE also signed infrastructure expansion plans. Drydocks World and Cochin Shipyard Limited also signed an MoU to set up a ship repair cluster in Gujarat. Also, focus on shipping, logistics, and maintenance was also discussed during the meeting between the two UAE and Indian leaders.
Also, an 8 Exaflop supercomputing cluster development MoU has been signed between G42 and the Center for Development of Advanced Computing. Operationalisation of the virtual trade corridor was also discussed to integrate customs and port systems to reduce logistics expenses and trade efficiency. Both countries discussed bilateral relations and cooperation across infrastructure, culture, fintech, education, energy, defence, and people-to-people engagement. Both leaders highlighted the Comprehensive Economic Partnership Agreement between India and the UAE that has boosted strategic and bilateral trade between India and the UAE.
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