Union Cabinet approves MoU between India and UAE on cooperation in industries, advanced technological fields
The MoU is anticipated to result in job creation
The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved a plan to ink a bilateral Memorandum of Understanding (MoU) on "Cooperation in the Field of Industries and Advanced Technologies" between India and the United Arab Emirates (UAE).
The Memorandum of Understanding envisions mutually beneficial collaboration in areas such as industry supply chain resilience, renewable & energy efficiency, standardization, metrology, conformity assessment, accreditation, and halal certification, the Cabinet said in an official release.
Apart from that, the MoU encourages collaboration in the fields of health and life sciences, space systems, artificial intelligence, and industry 4.0 enablers. This might lead to higher domestic production, more exports, and lower imports in certain areas.
Through investments, technology transfer, and the deployment of important technologies in businesses, the MoU intends to enhance and grow industries in both countries. This is anticipated to result in job creation throughout the economy, the release pointed out.
The signing of the MoU would help India achieve its aim of Atmanirbhar Bharat, a clarion cry by the Indian Prime Minister to make the country self-sufficient.
Growing cultural and trade ties between India and the UAE increase the stability and strength of the two nations' rapidly expanding and developing bilateral relationship.
Bilateral commerce between India and the UAE has climbed from USD 180 million (Rs.1373 crore) a year in the 1970s to USD 60 billion (Rs.4.57 lakh crore) in 2019-20, making the UAE India's third-largest trading partner after China and the US.