Through the go to of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India, important enterprise and strategic agreements had been reached in Mumbai on Tuesday, as introduced by the Ministry of Exterior Affairs (MEA).
Among the many key outcomes, a Memorandum of Understanding (MoU) was signed between Worldwide Assets Holding RSC Ltd. (IRH) of the UAE and a consortium of Indian state-owned corporations together with Oil India Ltd, Khanij Bidesh India Ltd, and ONGC Videsh Ltd. The MoU goals to foster world collaboration within the crucial mineral provide chain.
In response to a launch from Oil India, the MoU will deal with the collaboration, identification, acquisition, and improvement of crucial mineral tasks worldwide, together with in India, Cash Management reported. The settlement additionally outlines that the concerned events will work cooperatively on venture identification, joint due diligence, danger administration methods, and devising a long-term offtake technique.
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On the event of the go to of Crown Prince of Abu Dhabi, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India, two enterprise associated outcomes had been agreed upon in Mumbai right now. pic.twitter.com/TJoJi6R6fL
— Randhir Jaiswal (@MEAIndia) September 10, 2024
Moreover, the launch of labor on the India-UAE Digital Commerce Hall (VTC) and the MAITRI interface was introduced. This initiative is a part of the framework settlement between India and the UAE regarding the India-Center East-Europe Financial Hall (IMEEC).
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India, United Arab Emirates Inked 4 Main Pacts For Power
Prime Minister Narendra Modi and Crown Prince Sheikh Khaled on Monday held intensive discussions on bolstering strategic ties, with a deal with exploring new areas of potential, resembling nuclear power, crucial minerals, inexperienced hydrogen, synthetic intelligence, and superior applied sciences. Throughout their talks, 4 main agreements had been inked.
An extended-term provide settlement for a million metric tonnes of liquefied pure gasoline (LNG) yearly from Abu Dhabi Nationwide Oil Firm (ADNOC) to Indian Oil Company Ltd (IOCL). An settlement between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) for exploring extra alternatives for crude storage in India. A pact between Emirates Nuclear Power Firm (ENEC) and Nuclear Energy Company of India Ltd (NPCIL) to reinforce cooperation in nuclear energy operations and upkeep. A manufacturing concession settlement for Abu Dhabi onshore Block-One between Urja Bharat, a three way partnership of IOCL and Bharat PetroResources Ltd, and ADNOC. This settlement marks the primary Indian firm’s operation within the UAE’s oil sector.
A separate MoU was signed between the Gujarat authorities and Abu Dhabi Developmental Holding Firm PJSC concerning the event of meals parks in India, with plans to begin the venture within the second quarter of 2025.
The MEA said that the agreements replicate the substantial progress within the India-UAE Complete Strategic Partnership and famous that the success of the Complete Financial Partnership Settlement (CEPA) and the latest Bilateral Funding Treaty (BIT) will additional strengthen the financial and business ties between the 2 nations.
MEA spokesperson Randhir Jaiswal highlighted that each leaders expressed satisfaction with the development of their bilateral relations and mentioned methods to deepen their cooperation throughout varied sectors.