India and the United Arab Emirates signed a Memorandum of Understanding to expand cooperation in sectors and innovative technology. The MoU intends to enhance and grow industries in both countries through investments, knowledge transfer, and the deployment of essential technologies in industries using joint finances and cooperative efforts.
It was signed between Indian Commerce and Industry Minister Piyush Goyal and Minister of Industry and Advanced Technology of UAE Sultan Al Jaber. Goyal is here for the 11th meeting of India-UAE High-Level Task Force on Investments. The MoU also aims to build institutional and corporate capabilities, and skills. According to the MoU, the two countries will cooperate in the development and advancement of industries and technologies in sectors of strategic interest for the growth and diversification of their economies, as per Press Trust of India.
Collaborations between business and academia, joint research and development initiatives, the exchange of science and technology policies and best practices, standardization, metrology, conformity assessment, accreditation, and 'halal' certification can all help achieve this.
Strengthening the supply chain resilience of companies, renewable and efficient energy, health and life sciences, space systems, artificial intelligence, and Industry 4.0 enabling technologies are some of the sectors and disciplines where industrial and advanced technology collaboration takes place.
Al Jaber emphasized, "In line with the UAE leadership's vision, we are committed to strengthening bilateral relations to enhance sustainable and economic growth. Given the UAE's strong relationship with India across the economic, technological, and social domains, we are pleased to sign this MoU to further develop the industrial sector in line with advanced technology and sustainability standards."