India, UAE ink MoU to drive investments, collaborate in industry, advanced technologies

India and the UAE will cooperate more closely in sustainable industrial development following a memorandum of understanding (MoU) signed in Abu Dhabi’s Emirates Palace.

Dr Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology, and India’s Minister of Commerce and Industry Piyush Goyal, signed the agreement in the presence of Sheikh Hamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council.

The signing took place on the sidelines of the 11th meeting of the UAE-India High Level Joint Task Force on Investments (‘the Joint Task Force’).

Focusing on facilitating industrial investments, technology transfer, and enabling the deployment of key technologies in industries, the MoU will benefit both countries through joint industrial and technological developments.

Dr Al Jaber noted the MoU will further develop the industrial sector in line with advanced technology and sustainability standards.

“This aligns with the objectives of the national industrial strategy, and ‘Make it in the Emirates’ initiative, aimed at transforming the UAE into a global hub for advanced industry, especially industries of the future.”

The MoU covers various aspects of cooperation aimed at promoting industrial investments in priority sectors, including advanced industries, energy transition solutions, healthcare, and space.

“It aims to develop innovative and technological solutions that support sustainability and climate neutrality efforts. By working closely within these strategic sectors, the UAE and India can accelerate sustainable growth and diversify their economies, promoting industries that are more competitive, efficient, and sustainable,” Dr Al Jaber said.

Goyal underlined the MoU opens new doors to develop cooperation efforts and build an institutional framework in the fields of emerging technologies.

“It would help in promoting and developing bilateral cooperation in sectors such space, healthcare, renewable energy, artificial intelligence, and many other vital areas.”

Key areas of cooperation

The MoU focuses on seven key areas, including supply chain resilience, renewable energy and energy efficiency, health and life sciences, space systems, AI, Industry 4.0 and advanced technologies, as well as standardisation and metrology.

To build supply chain resilience, the countries will collaborate to identify opportunities to supply raw materials. They will share best practices on industrial enablement and incentivisation for industrial growth and development.

In the energy space, the countries will collaborate in advancing energy storage technologies, smart Grid and IoT deployment, and R&D in renewable energy and energy efficiency. Similarly, in health and life sciences, the countries will collaborate in the development of pharmaceuticals, the use of biotechnology, and R&D.

The UAE and India are seeking to enhance their respective space industries through closer collaboration in space systems. The MoU will help the countries to collaborate in the commercial development, launch and use of small satellites for communication and Earth observation, as well as space exploration. The countries will also collaborate in the development of licensing of space-related materials, in addition to R&D in the space sector.

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