India’s Ministry of Commerce and Industry and the UAE’s Ministry of Industry and Advanced Technology have signed a Memorandum of Understanding (MoU) to foster cooperation in the fields of industries and advanced technologies.
The MoU was formalized in the presence of India’s Commerce and Industry Minister Piyush Goyal and the Managing Director of Abu Dhabi Investment Authority Sheikh Hamed Bin Zayed Al Nahyan.
The primary objective of this Memorandum of Understanding is to enhance and develop industries in both nations through investments, technology transfer, and the deployment of key technologies, facilitated by shared funds and collaborative efforts to advance various technologies. The MoU seeks to establish institutional, and corporate capabilities, skills, and cooperation in other areas,” as articulated in the MoU’s objectives.
Additionally, the MoU outlines potential areas and fields of cooperation in industrial and advanced technology between the two countries, which may encompass bolstering supply chain resilience in industries, renewable and energy efficiency, health and life sciences, space systems, artificial intelligence, and industry 4.0 enabling technologies.
The document further stipulates that both sides will collaborate in the advancement of industries and technologies in sectors of strategic significance for the growth and diversification of both economies. Such collaboration may include industrial and academic partnerships, joint research and development initiatives, knowledge sharing, intellectual property exchange protocols, licensing agreements, the dissemination of science and technology policy best practices, standardization, metrology, conformity assessment, accreditation, and Halal certification.
The MoU will come into effect on the date of its signing, remaining valid for three years and subsequently renewing automatically for an equivalent period, unless either party expresses an intention to terminate it through diplomatic channels at least six months before the termination date.
In addition to this agreement, India, UAE, Saudi Arabia, the US, and the European Union (EU) recently unveiled an ambitious infrastructure plan called the ‘India-Middle East-Europe Economic Corridor.’ Launched during the G20 summit in New Delhi, this initiative seeks to reshape trade routes between the Gulf, Europe, and South Asia by establishing rail and sea connections.
Union Minister Piyush Goyal is presently in the UAE to co-chair the 11th Meeting of the India-UAE High-Level Joint Task Force, aimed at boosting investments between the two nations.
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