India, UAE sign bilateral investment pact during PM Modi’s visit

ABU DHABI : Prime Minister Shri Narendra Modi arrived here on 13th February, an official visit to the UAE. In a special and warm gesture, he was received at the airport by the President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan, and thereafter, accorded a ceremonial welcome.

The two leaders held one-on-one and delegation level talks. They reviewed the bilateral partnership and discussed new areas of cooperation. They welcomed deepening of the Comprehensive Strategic Partnership across sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture and people to people ties. Discussions also covered regional and global issues.

The two leaders witnessed the exchange of following: Bilateral Investment Treaty: This agreement will be a key enabler for further promoting investments in both countries. India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with UAE.

>MoU on cooperation in the field of electrical interconnection and trade: This opens new areas of collaboration in the field of energy, including energy security and energy trade.

>An Intergovernmental Framework Agreement between India and UAE on the India-Middle East Economic Corridor : This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.

>MoU on cooperation in Digital Infrastructure Projects: This will create a framework for a wide ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate sharing of technical knowledge, skills and expertise.

>Cooperation protocol between the National Archives of the two countries: This protocol will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.

>MoU for cooperation in the field of heritage and museums: This would foster engagement between the two countries aimed at supporting of the Maritime Heritage Complex at Lothal, Gujarat.

>Agreement on interlinking of the instant payment platforms – UPI (India) and AANI (UAE): This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during Hon’ble PM’s visit to Abu Dhabi.

> Agreement on inter-linking domestic debit/credit cards – RuPay (India) with JAYWAN (UAE): An important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE.

Prime Minister congratulated President Sheikh Mohamed bin Zayed Al Nahyan on the launch of UAE’s domestic card JAYWAN, which is based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction made using the JAYWAN card.

The leaders also discussed the strengthening of energy partnership. They appreciated that in addition to the UAE being among the largest sources of crude and LPG, India is now entering into long term contracts for LNG.

Ahead of the visit , RITES Limited signed agreement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company. These would help in building port infrastructure and further enhance connectivity between the two countries.

Prime Minister thanked President His Highness Sheikh Mohamed bin Zayed Al Nahyan for his personal support and for his graciousness in granting the land for the construction of the BAPS Temple in Abu Dhabi. Both sides noted that the BAPS Temple is a celebration of UAE-India friendship, deep-rooted cultural bonds and an embodiment of the UAE’s global commitment to harmony, tolerance and peaceful coexistence.