With India and the UAE targeting $ 100 billion in bilateral trade in the next five years, security and economic partnerships will be topping the agenda during Prime Minister Narendra Modi’s second visit to the country later this week. During his two-day visit from February 10, Modi will hold talks with the Crown Prince on February 10, following which several agreements will be signed including a rupee-dirham swap agreement. In Dubai, Modi will deliver the keynote address at the Sixth World Government Summit. He will also meet vice-president and prime minister of the UAE and the ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum and some select CEOs of companies from the Gulf countries.
Terming Modi’s visit as important, the UAE ambassador to India Ahmed Al Banna told FE, “Our companies have invested more than $ 11 billion in the Make in India initiative. We are looking at new areas of cooperation including renewable energy, aviation, IT and space cooperation.” “In the space sector, we are working very closely with ISRO for launching of a UAE satellite for monitoring TV & media and other applications including space exploration. India could also add value to our Mars Mission in 2025.”
Also, later this month the assistant director of Mohammed Bin Rashid Space Centre is participating in the 4th ORF Kalpana Chawla Annual Space Dialogue. According to the envoy $1 billion has been transferred from the sovereign fund of $75 billion that was committed towards India’s National Investment and Infrastructure Fund (NIIF). Also, Dubai-based ports operator DP World has committed investments of $3 billion in opportunities beyond seaports such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure, including cold storage. Taking forward the defence cooperation, joint maritime exercises between the two countries will take place in March. There has been a huge increase in two-way trade. In construction, power, software, IT, gold and jewellery, there has been a marked hike.