WNAM Monitoring: The Ministry of Investment of the UAE signed three Memorandums of Understanding (MoUs) with India on Tuesday, setting out frameworks for the expansion of bilateral investment cooperation in the renewable energy, food processing and healthcare sectors.
The agreements were signed by the respective Indian ministries, underscoring the UAE’s strong commitment to supporting the continued development of India’s prospering economy, which is estimated to grow by 7.3 per cent during the current fiscal year.
Economic engagement between the UAE and India is multidimensional and rapidly growing, underpinned by a Comprehensive Economic Partnership Agreement (Cepa) between the two nations which came into effect in May 2022. Bilateral trade between the UAE and India amounted to $84.5 billion between April 2022 and March 2023 and is expected to increase to $100 billion by 2027. The UAE is also the seventh-largest investor in India, with an estimated investment of $18 billion in 2023.
The three MoUs are between the Ministry of Investment of the UAE and:
The Ministry of New and Renewable Energy of the Republic of India on investment cooperation in the renewable energy sector;
The Ministry of Food Processing Industries of the Republic of India on investment cooperation in food park development;
The Ministry of Health and Family Welfare of the Republic of India on investment cooperation in innovative healthcare projects.
