Modi's Official Visit to UAE

Summary of Prime Minister Narendra Modi's Official Visit to the United Arab Emirates (UAE)

Diplomatic Engagements

• Welcome Ceremony: PM Modi was received by UAE President Sheikh Mohammed bin Zayed Al Nahyan.
• Condemnation of Attacks: Modi condemned recent attacks in the UAE and reiterated India's solidarity with its leadership and people.
• Commitment to Maritime Security: India affirmed its stance on ensuring safe passage through the Strait of Hormuz, critical for regional peace, stability, energy, and food security.

Bilateral Relations

• Comprehensive Economic Partnership Agreement (CEPA): Acknowledged the success of CEPA, which has significantly boosted bilateral trade.
• Energy Cooperation: Noted the growing energy partnership, including crude oil, LNG, and LPG supplies, emphasizing the UAE's role in India's energy security.

Strategic Initiatives

• Strategic Petroleum Reserves:

  • Agreement between Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company to increase UAE's stake in India's strategic petroleum reserves to 30 million barrels.
  • Collaborative efforts to establish a strategic gas reserve in India.

• Long-term LPG Supply Agreement: A contract between Indian Oil Corporation Limited (IOCL) and Abu Dhabi National Oil Company (ADNOC).

Investment Announcements

• UAE Investments in India:
  • $5 billion investment from UAE companies highlighted.
  • Key investments include:
    • $3 billion by Emirates Development Bank in RBL Bank of India.
    • $1 billion by Abu Dhabi Investment Authority in National Investment and Infrastructure Fund (NIIF).
    • $1 billion by International Holding Company in Honor Capital, India.

Defense Cooperation

• Strategic Defense Partnership:
  • Both leaders recognized the importance of stable and robust bilateral defense cooperation.
  • Signing of a framework for strategic defense partnership, enhancing collaboration in advanced technology, training, maritime security, and cybersecurity.

Agreements and Memoranda of Understanding (MoUs)

• Maritime Development Fund: MoU for establishing ship repair clusters in Vadinar under India's Maritime Development Fund scheme between Cochin Shipyard Limited and Drydocks World, Dubai.
• Skill Development in Ship Repair: Tripartite MoU among Cochin Shipyard, Drydocks World Dubai, and the Center of Excellence in Maritime and Shipbuilding (CEMS) for skill development in ship repair.
• Supercomputer Cluster Partnership: Discussion on establishing 8 exaflop supercomputer clusters through a partnership between India’s Centre for Development of Advanced Computing (C-DAC) and UAE's G42.

Trade Facilitation

• Virtual Trade Corridor: Launch of a digital framework using the Master Application for International Trade and Regulatory Interface (MITR) to streamline customs and port operations, reducing costs and transit times for efficient trade flow.

Future Engagements

• PM Modi extended an invitation to President Sheikh Mohammed bin Zayed Al Nahyan to visit India soon, reflecting ongoing diplomatic ties and collaboration.

Key Takeaways

• Strengthened bilateral ties across various sectors: energy, trade, defense, and technology.
• Significant UAE investments reaffirming commitment to India's growth.
• Collaborative initiatives aimed at enhancing maritime security and trade efficiency.

This visit underscores the strategic partnership between India and the UAE, focusing on mutual interests in economic growth, security, and technological advancement.