Abu Dhabi Crown Prince in India: What's on the agenda?
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, is currently on a two-day official visit to India. The trip aims to strengthen historical ties and explore new areas of cooperation between the two nations. Upon his arrival in New Delhi on Sunday, he was greeted by Commerce and Industry Minister Piyush Goyal with a ceremonial welcome.
Crown Prince's agenda includes talks with PM Modi
The Crown Prince's itinerary includes bilateral talks with Prime Minister Narendra Modi and a meeting with President Droupadi Murmu. He is accompanied by several ministers from the United Arab Emirates (UAE) government and a business delegation. The visit is significant as India and the UAE share historical ties defined by centuries-old maritime trade, with India being the UAE's second-largest trading partner after China.
India-UAE economic ties
In 2022, India and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) to enhance trade and reach a target of $100 billion by the end of this decade. Since then, trade between the two countries has reached historic highs, increasing from $72.9 billion in FY22 to $84.5 billion in FY23. The Ministry of External Affairs (MEA) reported that the UAE was among India's top investors in terms of foreign direct investments (FDI) in 2022-23.
Indian diaspora's contribution in the UAE
The partnership between India and the UAE extends beyond trade, with a 3.5 million-strong Indian diaspora contributing significantly to the UAE's economy and society. The UAE, along with other Gulf Cooperation Council nations, is a major contributor to India's foreign remittance inflow. Recently, their central banks approved the use of local currencies for cross-border transactions including trade, remittance, and investment flows.
Defense and security cooperation boosted
Defense and security cooperation between India and the UAE has also seen significant growth. This includes training, joint naval and air exercises, high-level exchanges, and an Annual Defense Dialogue. They are part of the India-Middle East Economic Corridor (IMEC) to improve global connectivity. With India's support, the UAE joined the Shanghai Cooperation Organisation (SCO) as a dialogue partner last May.
India-UAE plan to expand technological ties
The two nations plan to expand their technological ties by building digital infrastructure and focusing on research and development for energy security and trade. This includes a focus on green hydrogen and energy storage. Indian companies have a presence in the UAE, while several top enterprises from the Gulf country do business in India. The Crown Prince's visit is expected to further strengthen these economic and technological collaborations.
