Cabinet Approves for India-UAE Industrial Cooperation Agreement
On Wednesday, the Union Cabinet approved a proposal to sign a bilateral Memorandum of Understanding (MoU) between India and the United Arab Emirates on cooperation in industries and advanced technologies. The MoU aims to strengthen industry supply chain resilience and cooperation between the two countries in renewable and energy efficiency, health and life sciences, space systems, artificial intelligence, and Industry 4.0 Enabling Technologies.
"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, Health, and Life science," the government said in a statement.
This could result in increased domestic production, increased exports, and decreased imports, according to the report. The MoU aims to strengthen and develop industries in both countries through investments, technology transfer, and the deployment of key technologies, according to the statement.
India and the United Arab Emirates have signed a bilateral Comprehensive Economic Partnership Agreement, which has the potential to increase bilateral trade to $100 billion from $60 billion in the next five years.