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Cabinet Nod For India-UAE Pact On Industrial Cooperation
The Union Cabinet on Wednesday approved a proposal for the signing a bilateral Memorandum of Understanding (MoU) between India and the United Arab Emirates on cooperation in the field of industries and advanced technologies.
The MoU aims to strengthen the supply chain resilience of industries and cooperation in renewable & energy efficiency, health and life sciences, space systems, Artificial Intelligence, and Industry 4.0 Enabling Technologies between the two countries.
"The implementation of MoU may lead to increase in research and innovation in all areas of mutual cooperation, particularly in the areas of Renewable Energy, Artificial Intelligence, Industry Enabling technologies and Health and Life science," the government said in a statement.
This could lead to growth of these sectors, increased domestic production, enhanced exports and reduction in imports, it added.
As per the statement, the MoU aims to strengthen and develop industries in both nations through investments, technology transfer and the deployment of key technologies.
India and the UAE have signed a bilateral Comprehensive Economic Partnership Agreement which has potential to increase trade between the two sides to $100 billion from US$ 60 billion in the next five years.
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