The Indian Union Cabinet recently approved a proposal to sign a bilateral memorandum of understanding (MoU) between India and the United Arab Emirates (UAE) to cooperate in the field of industries and advanced technologies. The two sides will work together on strengthening the supply chain resilience of industries, artificial intelligence, renewable and energy efficiency, and space systems.
The MoU will also cover health and life sciences, Industry 4.0 enabling technologies, standardisation, metrology, conformity assessment, and accreditation. According to a press release, the agreement will help bolster developing industries in both nations through investments, technology transfers, and the innovation of key technologies in industries. This could generate employment across the economy.
The implementation of MoU may lead to an increase in research and innovation in all areas of mutual cooperation, particularly in the areas of sustainable energy, AI, industry-enabling technologies, and healthcare. This may lead to significant growth in these sectors, enhanced domestic production and exports and a reduction in imports.
The release stated that growing India-UAE economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two countries. India-UAE bilateral trade, valued at US$180 million per annum in the 1970s has increased to US$ 60 billion making the UAE, India’s third-largest trading partner in 2019-20, after China and the United States. Moreover, the UAE is the second-largest export destination of India with an export value of US$ 29 billion in 2019-2020. The UAE is the eighth largest investor in India with an estimated investment of US$18 billion. Indian investments in the UAE are estimated at around US$ 85 billion.
Earlier this year, India and the UAE signed a bilateral Comprehensive Economic Partnership Agreement which has the potential to increase trade between India and the UAE from US$60 billion to US$100 billion in the next five years.
India is a crucial part of the international technology research and development ecosystem and has been working with countries and organisations for several years to foster economic and scientific relationships. In May, two technology MoUs were renewed at the 7th India-Canada Joint Science and Technology Cooperation Committee (JSTCC) meeting. The MoUs were signed by the Indian Ministry of Science and Technology with the Natural Sciences and Engineering Research Council of Canada (NSERC) and National Research Council Canada (NRC), respectively, under the 2005 Agreement for Scientific and Technological Cooperation.
As OpenGov Asia reported, the focus areas of the collaboration include national missions, quantum computing, AI, and cyber-physical systems, among others. An official at the event pointed out that a large number of Indian students are studying in Canadian universities and the renewal of the MoUs would help intensify the exchange of ideas and expertise between the two countries. Representatives from several ministries and research institutions from both countries attended the meeting.
Under the terms of the agreement made in 2005, the JSTCC meets every two years to review ongoing collaborations between Canadian and Indian researchers and set priorities for the next period in fields like agriculture and food security, healthcare and healthtech, clean technologies and environmental research, marine and polar research, quantum tech and AI, and human capacity development and researcher mobility. Both countries agreed to continue monitoring progress on key priorities in bilateral science, technology, and innovation projects during the 2022-2024 period.
