India, UAE inks 5 MoUs
India and United Arab Emirates (UAE) have signed five Memorandum of Understanding (MoUs) in key areas of energy sector, railways, manpower and financial services.
These agreements were signed in PM Narendra Modi’s visit to Abu Dhabi. They were signed in presence of PM Modi, Crown Prince of Abu Dhabi HH Sheikh Mohammed bin and Deputy Supreme Commander of UAE Armed Forces Zayed Al Nahyan at the Presidential Palace, Abu Dhabi.
Signed Agreements are
- MoU for Technical Cooperation in Rail Sector
- MoU to institutionalise the collaborative administration of contractual employment of Indian workers in UAE.
- MoU between Indian Consortium (OVL, BPRL & IOCL) and ADNOC: It was signed for acquisition of 10% participating interest in the offshore Lower Zakum Concession.
- MoU between Bombay Stock Exchange (BSE) and Abu Dhabi Securities Exchange (ADX): It seeks to enhance cooperation between both the countries in financial services industry.
- MoU between Government of Jammu and Kashmir and DP World: It seeks to establish multi-modal logistics park and hub in Jammu comprising warehouses and specialized storage solutions.
India-UAE Relations deeply rooted in history and strategic cooperation which is driven by mutual aspirations of both countries. UAE is lynch-pin of the economic, defence and strategic strands of India’s coordinated strategy to outreach west Asia.
UAE is India’s third largest trading partner after China and the United States. Bilateral trade between India and UAE stood at about $50 billion in 2015-16. It is among the top investors in India in terms of foreign direct investments (FDI) and was the fifth largest supplier of crude oil to India in 2015-16. Besides, there are also more than 2.6 million Indians living in the UAE and their annual remittance is estimated to be around $14 billion.