Short trip, long-term outcomes: Important agreements PM Modi signed on his UAE visit
India’s Prime Minister Narendra Modi paid a brief visit to the UAE on 15 May. Here is a look at all the important agreements spanning energy, defence, and capital investment signed between the two countries.
Significant outcomes
Indian Prime Minister Narendra Modi’s trip to the United Arab Emirates (UAE) lasted only 2 hours but delivered long-term returns for India. The talks culminated in big announcements on defence, energy and infrastructure.
LPG agreement amid uncertainty
Amid the backdrop of uncertainty in global energy markets due to the ongoing US-Iran conflict, India and the UAE entered into an agreement over long-term Liquefied Petroleum Gas (LPG) supplies. Indian Oil Corporation Limited (IOCL) and Abu Dhabi National Oil Company (ADNOC) entered into a strategic collaboration aimed at ensuring stable fuel availability and reinforcing India-UAE energy ties.
MoU on Petroleum Reserves
India’s Strategic Petroleum Reserves Limited and ADNOC signed a Memorandum of Understanding (MoU) on Strategic Petroleum Reserves. The agreement includes the UAE’s participation in crude oil storage of up to thirty million barrels in India’s strategic petroleum reserves, securing a reliable energy supply for India and a stable crude oil market for the UAE.
Defence partnership
One of the key outcomes was agreeing on a framework for strategic defence partnership, covering defence industrial collaboration, advanced technology, training, maritime security, cyber defence and secure communications.
Ship repair cluster in Gujarat
The two countries also signed an MoU for setting up a Ship Repair Cluster at Gujarat’s Vadinar, a project expected to strengthen India’s maritime infrastructure ecosystem while also supporting the Make in India initiative.
$5 billion investments into India
UAE announced investments worth USD 5 billion across Indian infrastructure and financial institutions, out of which three billion will go into RBL bank, one billion into priority infrastructure projects and one billion into housing financier Samman Capital.
Other important agreements
Additionally, the countries also signed agreements for setting up a skill development framework for the maritime sector and an eight-exaflop supercomputing cluster between India’s CDAC and the UAE’s G-42. The agreements assert a strong India-UAE friendship and growing ties across sectors.
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