The MoU, aimed at fostering in sustainable industrial development, was signed at the eleventh meeting of the UAE-India High Level Joint Task Force on Investments in Abu Dhabi.
Both sides will collaborate to identify opportunities to supply raw materials. They will also share best practices on industrial enablement and offering incentives for industrial growth and development. They will collaborate in advancing energy storage technologies, smart grid and IoT deployment.
Another agreement signed between Al Etihad Payments, a subsidiary of the Central Bank of the UAE, and the National Payments Corporation of India will develop the UAE’s Domestic Card Scheme (DCS), the country’s first unified, secure and efficient card payment platform.
The meeting was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority, and Indian commerce and industry minister Piyush Goyal, a release from Goyal’s ministry said.
The Joint Task Force was established in 2013 to promote bilateral trade, investment and economic ties.
The meeting reviewed the progress made on the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between both sides that came into force in May 2022, and discussed the status of negotiations for the India-UAE Bilateral Investment Treaty and ways to encourage further growth in investment flows from UAE sovereign investment entities into India.
In the first 12 months of CEPA, bilateral non-oil trade reached $50.5 billion, representing a growth of 5.8 per cent compared to the corresponding period a year earlier.
Progress on the creation of a fast-tack mechanism to facilitate Indian investment into the UAE was also discussed.
Talks also covered the India-UAE Start-Up Bridge, a joint initiative between the UAE ministry of economy and India’s ministry of commerce and industry.
The bridge is expected to act as a one-stop platform that offers training sessions and knowledge-sharing on important topics such as market access, investment funds, venture capital, incubators and the respective business landscape in each country.
Another key topic discussed was the establishment of Abu Dhabi-India Virtual Trade Corridor, which aims to increase overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, and improving efficiency and security.
ALCHEMPro News Desk (DS)
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