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New Delhi : India and the UAE signed a bilateral investment agreement during Prime Minister Narendra Modi’s two-day visit to the UAE and also signed a framework agreement on the India-Middle East Economic Corridor (IMEC).
Prime Minister Modi on Tuesday met his counterpart, UAE President Mohammed bin Zayed Al Nahyan, both in one-on-one and delegation-level talks.
This bilateral investment agreement was concluded after the two countries signed the Comprehensive Economic Partnership Agreement (CEPA) in 2022. The agreement marks the deepening of economic ties between New Delhi and Abu Dhabi, which grew by 16% to $85 billion in FY23. The UAE is also the fourth largest source of foreign direct investment to India, with investments amounting to $3.5 billion.
UAE President Al Nahyan visited India in January for a vibrant Gujarat summit, and Prime Minister Modi made a bilateral visit to the UAE last year. Prime Minister Modi also visited Dubai for the CoP 28 meeting in December.
“The two leaders welcomed the deepening of a comprehensive strategic partnership across sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture, and people-to-people connectivity. The issue was also taken up,” the Indian Ministry of External Affairs said in a statement.
The two sides also signed cooperation agreements in power interconnection, digital infrastructure projects and financial connectivity.
The two countries also signed an agreement to link India’s UPI and UAE’s AANI instant payments platform. The same was done with his RuPay card in India and his JAYWAN card in the UAE, which is based on RuPay’s technology stack.
“This is an important step in building cooperation in the financial sector and will lead to widespread acceptance of RuPay across the UAE,” India’s Ministry of External Affairs said in a statement.
Infrastructure cooperation was also part of the talks. India’s Rights Company has signed an agreement with Abu Dhabi Ports Company, and the Gujarat Maritime Commission has signed an agreement with Abu Dhabi Ports Company to help build port infrastructure.
Here is a comprehensive three-minute summary of what Finance Minister Nirmala Sitharaman said in her budget speech: Click to download!
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