In a rapidly changing world where unprecedented challenges like geopolitical, economic, or even Covid, countries having good relations with each other help in overcoming the odds. India-UAE bilateral relations stand as an example to the world today of how adversity can be turned into an opportunity.
In February 2022, India and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA), which was truly historic. The relationship between both countries is accelerating fast and this is also reflected in investments made in India by the UAE sovereign wealth funds across renewable energy, telecommunications, road infrastructure, affordable housing, and start-ups.
The I2U2 Group along with Israel and the US in October 2021, saw the positive ripple effect of growing India-UAE ties being felt beyond our bilateral relationship. The I2U2 has already decided on projects including an investment of $2 billion by the UAE to develop food parks in India and a $330 million joint project to develop a renewable energy capacity of 300 MW in India. In October 2022, the total installed renewable energy capacity reached 166 GW, well on its way to achieving the 175 GW target by end of the year.
Despite the ongoing geopolitical turmoil and its impact on global energy supply chains, India continued its surge toward clean energy. India-UAE relations are deeply rooted and are manifested in the closeness of our people. During the 14th India-UAE Joint Commission Meeting in Abu Dhabi last year, we signed an MoU to establish India-UAE Cultural Council to build upon our historic cultural ties and reinforce the people-to-people connect.
I2U2 takes forward the Abraham Accords of August 2020 by opening new avenues for plurilateral cooperation in a concrete manner. India and the UAE are also exploring opportunities to collaborate in the African continent in the health sector.
India took over the Presidency of G20 this year with a key focus on health, education, economic revival, food security, climate change, combating terrorism and terror financing, and reforming multilateral institutions, including the United Nations Security Council. The UAE is a critical partner for India in all fields and will be a key contributor, as a guest country, in all G20 meetings, building up to the Leaders’ Summit in November 2023.
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