India, UAE Sign Major Energy and Investment Deals During PM Modi’s Visit

Misri, while delivering his remarks on the visit of Prime Minister Narendra Modi to the UAE said that on the energy front, several agreements being initialed between Indian energy sector companies and UAE entities.

"The Prime Minister has just completed a short but very substantial visit to the United Arab Emirates. This is his eighth visit here in 12 years. Once again, this visit is a reflection of the exceptional trust and confidence that mark this very important relationship between India and the United Arab Emirates. The relationship and all of its achievements are a fruit of the investment of time, resources, and effort that both sides have put into this relationship, led personally by the leaders themselves," he said.

Misri said that several important initiatives were concluded to further deepen India-UAE comprehensive strategic partnership.

"We will be issuing a more detailed press release later today, but let me give you a snapshot of everything that happened during the course of this brief two-and-a-half-hour visit. On the bilateral front, the two sides have concluded several important initiatives to further deepen our comprehensive strategic partnership. Energy has always been a very important part of this relationship. In the energy cooperation field, we've seen several agreements being initialled between Indian energy sector companies and UAE entities, primarily the Abu Dhabi National Oil Company. These include agreements on enhancing UAE participation in Indian strategic petroleum reserves to a level of 30 million barrels, the establishment of strategic gas reserves in India, and long-term LPG offtake supply agreements," he said.

Misri said that new investment commitments were signed, totalling USD 5 billion.

"In the field of investment, the UAE has traditionally been a significant investor in India, cumulatively the seventh largest investor over the course of the last 25 years. Today, new investment commitments were signed totalling USD 5 billion. These include investments by Emirates NBD Bank in RBL Bank in India, by the Abu Dhabi Investment Authority in the National Infrastructure Investment Fund, and by the International Holding Company in Saman Capital of India," he said.

Misri said that the two sides built on the initial steps that were taken during the visit of UAE President to India.

"Defence cooperation has also been a major area of focus in recent years. Today, the two sides built on the initial steps that were taken during the visit of His Highness President Sheikh Mohamed bin Zayed to Delhi in January this year and concluded a framework on a strategic defence partnership. Under this, the two sides will strengthen their collaboration in defence manufacturing, technology, and equipment. Reflecting the Government of India's initiatives in the shipbuilding industry, agreements were signed today between Cochin Shipyard Limited and Drydocks World of Dubai. These include agreements on setting up a ship repair cluster at Vadinar in India and a centre of excellence for skill development in the maritime field," he said.

Misri added that both countries took steps to cooperate in advanced technology.

"Cooperation in advanced technology took a giant step forward today with the signing of a term sheet for the establishment of an 8-exaflop supercomputing facility in India. This will add to India's AI mission and the associated infrastructure. Furthermore, as both the UAE and India share an interest in building supply chain resilience, this visit saw the operationalization of the virtual trade corridor called METRI between Indian and UAE ports. This will lead to much greater efficiencies in maritime commerce between the two nations," he said.

PM Modi also invited President Mohamed bin Zayed of the UAE to India.

"The two sides shared their impressions on the resolution of these issues and agreed to stay in touch. The Prime Minister invited His Highness President Mohamed bin Zayed to visit India at an early date, and the dates for this will be tied up through diplomatic channels separately," Misri said.

- ANI