During the visit, PM Modi expressed India’s “strongest condemnation” of the assaults occurring in the UAE and extended solidarity with the nation’s leadership and citizens, as stated by Foreign Secretary Vikram Misri. The Prime Minister also emphasized the importance of ensuring unimpeded transit passage through the Strait of Hormuz and called for a halt to attacks on shipping vessels and seafarers.
The two countries entered an agreement to boost the UAE’s involvement in India’s strategic petroleum reserves to 30 million barrels. Discussions commenced to create strategic gas reserves in India and secure long-term LPG offtake supply agreements.
The visit resulted in new investment pledges totaling $5 billion, including investments by Emirates NBD Bank in RBL Bank, the Abu Dhabi Investment Authority in the National Infrastructure Investment Fund, and by International Holding Company in Samman Capital of India.
Misri pointed out that, collectively, the UAE has been the seventh-largest investor in India over the last 25 years.
India and the UAE also finalized a framework for a strategic defense partnership encompassing defense manufacturing, defense technology, defense equipment, and industrial collaboration. An agreement was reached between Cochin Shipyard Limited and Drydocks World of Dubai.
In the realm of technology, both nations signed a term sheet to establish an 8-exaflop supercomputing facility in India, supporting the country’s AI mission and associated infrastructure.
The two countries also activated the MAITRI virtual trade corridor between Indian and UAE ports, designed to enhance efficiencies in maritime trade and logistics.
