The UAE and India have recently signed four major pacts focusing on crude oil storage, LNG supply, cooperation in civil nuclear energy, and food parks. These agreements were signed during the visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India. The talks between Prime Minister Narendra Modi and Sheikh Khaled emphasized the need to explore new areas such as nuclear energy, critical minerals, green hydrogen, and artificial intelligence.
One of the key pacts includes a long-term supply agreement for one million metric tonnes of LNG per annum to the Indian Oil Corporation Ltd by the Abu Dhabi National Oil Company (Adnoc). Furthermore, Emirates Nuclear Energy Company and Nuclear Power Corporation of India Ltd signed an agreement for cooperation in the operation and maintenance of nuclear power plants. Additionally, a production concession agreement for Abu Dhabi Onshore Block-one between Urja Bharat and Adnoc was also signed.
The visit of the Abu Dhabi Crown Prince marks a significant step in strengthening the India-UAE relationship. Adeeb Ahamed, managing director of Lulu Financial Holdings, emphasized the importance of agreements like the Comprehensive Economic Partnership Agreement (Cepa) in key sectors such as trade, investment, energy, and technology. Another pact between the Gujarat government and the Abu Dhabi Developmental Holding Company PJSC focuses on setting up food parks in India.
The agreements for long-term supply of LNG and exploration of new opportunities for crude storage in India highlight the commitment to enhancing economic ties between the two countries. The MoU on food parks signifies ADQ’s interest in developing a project in Ahmedabad. The India-UAE virtual trade corridor received a soft launch during the visit, showcasing the efforts to strengthen trade relations between the two nations.
Modi and Sheikh Khalid expressed satisfaction over the progress made in the Comprehensive Strategic Partnership and the recent entry into force of the Bilateral Investment Treaty. The discussions between the two leaders focused on opportunities to deepen bilateral cooperation in various sectors. The historical friendship and cooperation between India and the UAE were also highlighted during the talks. Overall, the visit of the Abu Dhabi Crown Prince signifies a renewed commitment to expanding economic collaboration and fostering mutual prosperity.
