India, UAE sign 7 agreements to step up bilateral cooperation

Expanding economic engagement, particularly in oil and renewable energy sector and increasing UAE's investment in India, was a major focus area at the deliberations.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney
moneycontrol.com

sme special

Home » News » Economy

Feb 12, 2016, 11.00 AM | Source: PTI

India, UAE sign 7 agreements to step up bilateral cooperation

Expanding economic engagement, particularly in oil and renewable energy sector and increasing UAE's investment in India, was a major focus area at the deliberations.

Like this story, share it with millions of investors on M3

India, UAE sign 7 agreements to step up bilateral cooperation

Expanding economic engagement, particularly in oil and renewable energy sector and increasing UAE's investment in India, was a major focus area at the deliberations.

Post Your Comments

Share Cancel

India, UAE sign 7 agreements to step up bilateral cooperation
Stepping up their cooperation, India and the UAE on Thursday signed a wide-ranging set of seven agreements including on cyber security, infrastructure investment and insurance after talks between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.

At their restricted as well as delegation-level talks here, the two leaders deliberated extensively on combating threat of terrorism including from ISIS, and explored ways to enhance bilateral cooperation in counter-terrorism, maritime security and defence.

The pact on cyber space will provide for greater synergy between security agencies of the two countries to combat efforts to radicalise youths through online platforms besides checking activities of terror groups.

Modi had visited UAE in August last year during which it was decided to elevate the relationship to "comprehensive strategic partnership", providing for greater cooperation in strategic areas including defence and security.

Expanding economic engagement, particularly in oil and renewable energy sector and increasing UAE's investment in India, was a major focus area at the deliberations.

UAE's national oil company Adnoc has already agreed to store crude oil in India's maiden strategic storage and give two-third of the oil to it for free. India is building underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonnes of crude oil.

Another pact was signed for creating a framework for facilitating participation of UAE's institutional investors in India's infrastructure sector while a separate agreement provides for cooperation in the insurance sector.

A total of seven pacts were signed between the two sides out of which four were inked in presence of Modi and Al Nahyan. Another pact between Dubai Economic Council and Export Import Bank of India will be signed in Mumbai tomorrow.

UAE has a sovereign wealth fund of around USD 800 billion and India hopes to attract a sizable investment from it in several key sectors.

The MoUs signed will also provide for cooperation in areas of skill development, space and cultural exchanges.

Modi held talks with the Crown Prince for a restricted meeting at his residence before delegation-level talks at Hyderabad House later in the evening. They continued their discussions over dinner as well.

Both the leaders deliberated on range of key issues including threat of ISIS, radicalism and the Mideast situation.

"Productive interaction with HH Mohamed bin Zayed Al Nahyan. Avenues of India-UAE cooperation are immense," Modi tweeted.

The Crown Prince also met President Pranab Mukherjee and Vice President Hamid Ansari. The President also hosted a lunch for the visiting leader.

Buy, Hold, Sell ? Hear it first on M3
India, UAE sign 7 agreements to step up bilateral cooperation

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login