A historic Comprehensive Economic Partnership Agreement (CEPA) of 100 billion US$ over next five years was signed by India and UAE aimed at boosting the merchandise trade between the two countries.
During the virtual summit meeting between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, this deal was signed.
Several agreements and Memorandum of Understanding in several areas, including: The Economy, Climate Change and Houbara Conservation, Industries and Advanced Technologies, Low Carbon Hydrogen Developments and Investments, Food Security, Financial Services, and Education cooperation were discussed by the by two countries and joint work shall soon start on the same.
First IIT To Launch in Dubai
Ministry of External Affairs in a statement said that in order to encourage and support innovation and technological progress provided the historical relations existing between the two countries, a need to establish an Indian Institute of Technology in the United Arab Emirates has been realized and agreed upon.
Currently there are 23 Indian Institute of Technology(IITs) in India and these are governed by the Institutes of Technology Act, 1961.
India & UAE Acknowledge The Need To Work Together & India’s Contribution
The value the contribution of the skilled workforce from India in various economic sectors in the UAE as well as the need to upskill in order to enhance the workforce productivity has been recognized by both countries. In order to develop a mutually agreed professional standards and skills framework, both parties agreed upon to enhance their cooperation.
By ensuring workforce access to training programs that are in alignment with the market needs and address the changing needs for the future of work, both parties agreed to work together closely. In the light of rapid success of start-ups in India and the UAE in recent years, Leaders also agreed to collaborate to promote start-ups from both countries to expand into the two regions and utilize such platforms as basis for growth. There are various sectors like interalia, fintech, edutech, health care, logistics and supply chain, agritech, chip design and green energy where the start-ups could focus on. Officials have been directed by the leaders to explore mechanisms and sectors to promote collaboration.
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