New Delhi [India], June 8 (ANI): Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday 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 MoU aims at strengthening and developing industries in both nations through investments, technology transfer and the deployment of key technologies in industries. This is likely to generate employment across the economy, according to an official statement.
The implementation of MoU may lead to an increase in research and innovation in all areas of mutual cooperation, particularly in the areas of renewable energy, artificial intelligence, industry enabling technologies and health and life science.
"This may lead to growth of these sectors, increased domestic production, enhanced exports and reduction in imports," the Ministry of Commerce and Industry said in a statement.
The signing of the MoU will result in fulfilling the goal of Atmanirbhar Bharat, a clarion call given by the Prime Minister of India in making India a self-reliant nation, the ministry said.
Growing India-UAE economic and commercial relations contribute to the stability and strength of a rapid diversifying and deepening bilateral relationship between the two countries.
India-UAE bilateral trade, valued at $180 million (Rs 1373 crore) per annum in the 1970s has increased to $60 billion (Rs 4.57 lakh crore) making the UAE, India's third-largest trading partner for the year 2019-20 after China and the US.
Moreover, the UAE is the second-largest export destination of India (after US) with an export value of $29 billion (Rs 2.21 lakh crore) for the year 2019-2020. The UAE is the eighth largest investor in India with an estimated investment of $18 billion (Rs 1.37 lakh crore). Indian investments in the UAE are estimated at around $85 billion (Rs 6.48 lakh crore).
In February this year, India and the UAE signed a bilateral "Comprehensive Economic Partnership Agreement". This agreement has the potential to increase trade between India and the UAE from $60 billion (Rs 4.57 lakh crore) to $100 billion (Rs 7.63 lakh crore) in the next five years, the ministry said. (ANI)