India and UAE Forge Deals to Strengthen I2U2 Alliance
India and the United Arab Emirates (UAE) have concluded four agreements, spanning areas such as food processing and renewable energy, as part of efforts to enhance collaboration within the I2U2 alliance. Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan engaged in discussions to reinforce bilateral relations. The visit by Abu Dhabi's ruler, commonly known as MBZ, is a notable aspect of the Vibrant Gujarat Global Summit in Gandhinagar and is anticipated to fortify trade and investment connections, building on the signing of the Comprehensive Economic Partnership Agreement (CEPA) in February 2022.
During the meeting between Modi and MBZ, the two parties concluded four memorandums of understanding. These include an agreement between the UAE's investment ministry and India's renewable energy ministry for collaboration in renewable energy investments. Additionally, there is an MoU between the UAE investment ministry and India's food processing ministry for investment cooperation in the development of food parks. Another MoU between the UAE's investment ministry and India's health ministry aims to foster investment cooperation in innovative healthcare projects. Furthermore, DP World, a Dubai-based multinational logistics company, and the Gujarat government finalized an MoU for the development of environmentally friendly and sustainable ports.
Following the first I2U2 Summit in July 2022, the four members of the economic bloc said the UAE will invest $2 billion to develop a series of integrated food parks for which India will provide land and facilitate the integration of farmers. The food parks are aimed at tackling food insecurity in South Asia and West Asia. The I2U2 had also announced plans to create a hybrid renewable energy project in Gujarat with 300MW of wind and solar capacity. It was stated at the time that UAE-based firms are exploring opportunities to become knowledge and investment partners in this project.
This was the fourth meeting between the Indian premier and the UAE President in less than seven months, and they “hailed the rapidly transforming India-UAE partnership and reaffirmed their commitment to a shared and prosperous future”, external affairs ministry spokesperson Randhir Jaiswal said in a post on X.
The AD Ports Group of the UAE is expected to sign another agreement to develop a port city in Gujarat, the people said. UAE-based Lulu Group International has plans to build India’s largest shopping mall in Ahmedabad, and the retail conglomerate is expected to sign an agreement to invest ₹3,000 crore in Gujarat. The Indian government has focused on improving ties with key parts of West Asia, which New Delhi perceives as part of the country’s extended neighbourhood and provides nearly 45% of energy supplies. West Asia is also home to some nine million Indians, with a majority of them living in the UAE and Saudi Arabia.
The summit is poised to see the enthusiastic involvement of more than 100 countries, with around 30 nations participating as partners. Furthermore, a dozen international organizations have teamed up with the Gujarat government to endorse and boost the event as a crucial platform for nurturing collaboration and discovering opportunities across diverse sectors. This worldwide participation highlights the summit's importance in promoting international engagement. Modi will be accompanied by MBZ, Czech Prime Minister Petr Fiala, Timor-Leste President José Ramos Horta, and Mozambique President Filipe Nyusi for the inaugural session. The partner nations participating in the event comprise Australia, Bangladesh, Czech Republic, Egypt, Germany, Indonesia, Japan, Malaysia, Morocco, Nepal, Poland, South Korea, Singapore, UAE, and the UK.
