Post by : Badri Ariffin

On Friday, Prime Minister Narendra Modi arrived in the UAE, where he engaged in significant discussions with President Mohammed bin Zayed Al Nahyan in Abu Dhabi. This visit yielded pivotal agreements across sectors including defence, energy, and trade, marking a high point in PM Modi’s multi-nation diplomatic journey.

President Sheikh Mohammed warmly welcomed PM Modi upon his arrival, facilitating extensive talks aimed at enhancing the India-UAE Comprehensive Strategic Partnership.

During their discussions, PM Modi denounced the recent aggression faced by the UAE, affirming India’s unwavering support for the Emirati leadership and populace. He underscored the necessity of safe passage through the Strait of Hormuz, highlighting its significance for stability and security in energy and food supply globally.

Strategic Energy Partnerships Formed

Energy security was a focal point of this visit. The two nations established a Strategic Collaboration Agreement between Indian Strategic Petroleum Reserves Limited and the Abu Dhabi National Oil Company (ADNOC). This initiative will enhance UAE's commitment to India’s Strategic Petroleum Reserves, increasing participation to 30 million barrels.

Moreover, they committed to developing strategic gas reserves in India, and a long-term partnership for LPG supply was signed between Indian Oil Corporation (IOCL) and ADNOC.

Recognized as a key energy ally, the UAE expressed intentions to deepen cooperation in crude oil, LNG, and LPG supplies.

$5 Billion Investment in India Announced

The visit also ushered in a significant financial boost, with UAE firms pledging $5 billion in investments.

• Emirates NBD will invest $3 billion in RBL Bank of India.

• Abu Dhabi Investment Authority (ADIA) plans a $1 billion investment alongside India’s National Infrastructure and Investment Fund (NIIF) in infrastructure ventures.

• International Holding Company will allocate $1 billion to Sammaan Capital.

India’s Ministry of External Affairs emphasized that these investments reflect the UAE’s enduring confidence in India's robust economic trajectory.

Fortified India-UAE Defence Collaboration

In regard to defence, both nations signed a Framework for Strategic Defence Partnership aimed at reinforcing military and security cooperation.

This comprehensive agreement encompasses diverse areas such as defence manufacturing, military training, cyber defence, and information sharing.

The two countries hailed this contract as a crucial step in advancing long-term defence collaboration.

New Ventures in Technology and Maritime Sectors

The talks also yielded several agreements in technology and maritime industries.

India's CDAC partnered with UAE's G-42 to set up an 8 Exaflop Super Compute Cluster, marking an important leap in technological cooperation.

Additional MoUs between Cochin Shipyard Limited and Drydocks World emphasize the establishment of a Ship Repair Cluster in Vadinar and promote skill development within India’s maritime sector.

Both leaders also endorsed the initiation of the Virtual Trade Corridor via the MAITRI framework, streamlining cargo movement while diminishing costs and enhancing trade efficiency.

The discussions showcased the positive outcomes of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which has markedly elevated trade volumes.

As the visit concluded, PM Modi expressed gratitude to President Sheikh Mohammed for his hospitality and extended an invitation for him to visit India. After this leg, PM Modi departed for the European segment of his tour, which includes stops in the Netherlands, Sweden, Norway, and Italy, before returning to New Delhi on May 20.

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