Dubai, Start ups and the tech space are an area where Indian capacities and markets can be combined with UAE investment, and this is the spirit that underlines the new partnership between India, Israel, the UAE and USA, Foreign Secretary Harsh Vardhan Shringla has said.
Addressing the India Global Forum 2021 on Monday, he said the four countries would collaborate on projects in their countries, and in West Asia.
"We intend to leverage synergies and complementarities in technology, skills, finances, and project execution capacities to augment global good. The templates that we develop can be used for enhancing our presence in other regions of the world,” he said.
“Sectors identified for collaboration are Energy, Food, Water, Health, Transportation and Space. 4 specific projects being identified in consultation with industry and will be finalised at a Foreign Ministers meeting in Dubai in March 2022,” he added.
“Semiconductors, Green Hydrogen , Food Security, and 5G are other areas in which industry is being consulted about the potential for joint collaborations.”
Earlier in the speech, he said the UAE is amongst India’s most important partners, with the visionary leadership of both countries providing direction to the relationship.
The Foreign Secretary said that the bilateral ties are based on proximity, common interests, complementary capacities and affinities.
He said the two countries worked together to face the challenges of the pandemic, and thanked the UAE for the support extended to the Indian community during the lockdown and for the supply of Liquid Medical Oxygen(LMO), ventilators and oxygen concentrators during the difficult days of the of the second wave of the pandemic in India.
India, on its part, ensured that even during lockdowns, India’s contribution to the UAE’s supply chains for essential food and medical items remained uninterrupted. India also supplied 200,000 doses of Covishield vaccines, he added.
“Healthcare and Information Technology have emerged as major economic drivers. The application of IT to healthcare will transform both.”
He said the Indian economy is returning to its trajectory as a rapidly growing economy, and the IMF has projected a 9.5% growth rate for this year – close to double digits.
“All this will drive a demand for energy. A location like Dubai would appreciate the centrality of India to the global energy industry.”
“India has also emerged as a major green energy hub with one of the most ambitious solar energy production capacities in the world,” FS Shringla added.
“In other words, the centrality of India, both to the energy market and to the energy transition, both of which provide major economic opportunities, will be reinforced.”
He said Prime Minister Modi during a recent interaction with Heads of Indian Missions abroad and with stakeholders in trade and commerce has given concrete directions on how the Ministry of External Affairs’ network of Missions and Posts abroad can work to further the goal of promoting the three Ts – Trade, Tourism and Technology.
“The economic diplomacy operations of the Ministry are being reengineered and reoriented with a sharper focus on outcomes. Our global network of missions and posts, is working energetically in engaging stakeholders, domestic and external, public and private, governmental and non-governmental. Resources are being deployed to improve interfaces and the capacities to work together with other players in Team India,” he added.
“An ambitious target of USD 400 billion of exports has been set up for the year 2021-22. An unprecedented push has been given to negotiating trade agreements. Trade agreements are currently being negotiated with a large number of countries including the UAE. Talks are currently underway with the UK, with EU, with Israel, with several other countries and in plurilateral formats.
“UAE and India have a rapidly growing business relationship. UAE investments in India are today estimated to be around USD 17-18 billion. These span a number of areas including energy, ports, logistics and infrastructure. We are committed to addressing issued raised by UAE investors,” he said.
India and the UAE have a very important energy partnership. India is central to global energy markets. ADNOC has invested in the Indian Strategic Petroleum Reserve. Indian oil majors OVL, BPRL & IOCL have invested in upstream projects in UAE.
"Referring to the Indian diaspora, he said “One of the greatest resources of the relationship is the 3.5 million Indians who live in the UAE. This represents the single largest Indian community abroad.”