New Delhi: Prime Minister Narendra Modi and the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, on Thursday commended the significant two-way investment flows between the two countries and encouraged the UAE Sovereign Wealth Funds to continue to invest in the Indian economy.
Modi and the Crown Prince, who had a meeting on the sidelines of the India AI Impact Summit here, also acknowledged the tremendous progress achieved in bilateral relations in a wide range of sectors, including defence and security, trade and investment, education and cultural cooperation.
The two leaders commended the significant two-way investment flows, and encouraged the UAE Sovereign Wealth Funds to continue to invest in the Indian economy, a statement issued by the Prime Minister’s Office (PMO) said.
In this light, both leaders acknowledged the potential of L’Imad as the newest sovereign fund to strengthen this partnership for mutual benefit.
They also discussed collaborative opportunities between India and the UAE in strategic sectors such as space, nuclear energy, technology and innovation.
Both leaders reaffirmed the importance of the India-UAE Comprehensive Strategic Partnership, which is underpinned by strong political, cultural, commercial, energy and people-to-people ties.
They also welcomed the following initiatives, which set the stage for enhancing bilateral cooperation in traditional as well as new areas of cooperation:
* Finalisation of an MoU between the Ministry of Health and Family Welfare of India and the Ministry of Health and Prevention of the UAE on cooperation in the field of health and medicine.
The MoU will promote joint efforts in professional exchanges, institutional collaboration, research, digital health, pharmaceuticals and development of modern technologies in the health sector beneficial to the people of both countries.
* Finalisation of term sheet between the Centre for Development of Advanced Computing, and G42 and the Mohamed Bin Zayed University of AI for deployment of supercomputer cluster in India.
Its term sheet commences implementation of deployment of a supercomputer cluster in India announced jointly by Prime Minister Modi and UAE President Sheikh Mohamed Bin Zayed, during the latter’s visit to India on January 19.
The supercomputer cluster will be part of the AI India Mission, making it accessible to both public and private sectors for research, application development, and commercial use.
* Setting up an office of the Abu Dhabi National Insurance Company at the GIFT City in Gujarat.
Both the leaders noted that February 18 marked exactly four years since the signing of the Comprehensive Economic Partnership Agreement (CEPA), during which bilateral trade and investment have witnessed “remarkable growth”.
The Crown Prince also congratulated Prime Minister Modi on the success of the AI Impact Summit while Modi welcomed the initiative of Switzerland to host the next AI Summit, to be followed by the UAE.
The visit reaffirmed the tradition of regular leadership-level engagement between India and the UAE and also reinforced high-level political commitment to the India-UAE technology partnership, elevating AI and advanced technologies as one of the core pillars of the bilateral relationship, the statement said.
The AI Impact Summit is being held from February 16-20 at the Bharat Mandapam, in which several heads of state, more than 500 global AI leaders, 150 academicians and researchers, and 400 chief technology officers, vice-presidents, and philanthropists are taking part.
