Tuesday, March 5, 2024
Tuesday, March 5, 2024
HomeIndiaIndia and UAE sign bilateral investment pact during Modi's visit

India and UAE sign bilateral investment pact during Modi’s visit

NEW DELHI :India and the UAE concluded a bilateral investment agreement and also signed a framework agreement on the India-Middle East Economic Corridor (IMEC) during Prime Minister Narendra Modi’s two-day visit to the UAE.

Modi met his counterpart, UAE President Mohamed bin Zayed Al Nahyan, on Tuesday for individual and delegation-level talks.

The bilateral investment agreement came after the two countries signed their Comprehensive Economic Partnership Agreement (CEPA) in 2022. The agreement aims to deepen economic ties between New Delhi and Abu Dhabi, which grew by 16% in the FY23 to $85 billion. The UAE was also the fourth largest source of foreign direct investments in India, with investments worth $3.5 billion.

UAE President Al Nahyan visited India in January for the Vibrant Gujarat Summit, while Modi made a bilateral visit to the UAE last year. Modi also visited Dubai for the CoP 28 conference in December.

“They welcomed the deepening of the comprehensive strategic partnership in all sectors, including trade and investment, digital infrastructure, financial technology, energy, infrastructure, culture and people-to-people ties. The discussions also covered regional and global issues,” India’s Ministry of External Affairs said in a statement.

The two sides also signed cooperation agreements on electrical interconnectivity, digital infrastructure projects and financial connectivity.

The two countries also signed an agreement to link India’s UPI with the UAE’s AANI instant payments platform. The same was also done for India’s RuPay cards with the UAE’s JAYWAN card, which was based on RuPay’s technology.

“An important step in building cooperation in the financial sector will enhance the universal acceptance of RuPay in the UAE,” India’s Ministry of External Affairs said in a statement.

Infrastructure cooperation was also part of the talks. India’s Rites Ltd signed an agreement with Abu Dhabi Ports Co., while the Gujarat Maritime Board signed a pact with Abu Dhabi Ports Co. to help build port infrastructure.

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