Abu Dhabi: India and the UAE are expected to sign two key agreements shortly, with several others to follow, the Indian Ambassador to the UAE said in Abu Dhabi on Wednesday.
The two agreements likely to be signed in the coming days are a comprehensive strategic partnership that lists various sectors of cooperation between the two countries and an agreement related to oil storage in India’s strategic petroleum reserves.
“We expect to sign the agreement on the strategic petroleum reserves soon. The draft has been prepared and only tax matters have to be cleared,” T.P. Seetharam, Indian Ambassador to the UAE, told reporters at a press conference in Abu Dhabi.
A broader agreement called comprehensive strategic partnership agreement that would encompass many other agreements is also expected to be signed shortly, he added.
Under the strategic petroleum services agreement, Abu Dhabi National Oil Company (Adnoc) is keen on taking storage at the Mangalore facility on the west coast of India. Adnoc plans to stock 0.75 million tonnes or six million barrels of oil at the facility, giving two- thirds of that to India.
The Ambassador did not elaborate on the details, stating that the finer points are being worked upon by both sides.
On the $75 billion (Dh275.48 billion) joint India-UAE Investment Fund announced during Prime Minister Narendra Modi’s visit in August last year, Seetharam said the fund would include a lot of investment avenues. “One is an MoU with institutional investors to invest in India’s infrastructure. The institutional investors would also invest in India’s newly created National Infrastructure Investment Fund (NIIF).”
“Some stand-alone funds would also be created by India.”
So far, the only commitment made is by DP World which announced it would invest $1 billion in India, he said.
Other investments could include defence manufacturing, renewable energy and semiconductor fabrication.
He also said Indian oil companies have shown interest in investing in Abu Dhabi Company for Onshore Petroleum Operations but did not give the names of the companies.
A new area of cooperation between the UAE and India is in the field of cyber space and combating cyber crimes between the Ministry of Interior and the Ministry of Home Affairs in India.
“India is a huge market and is the fastest growing economy in the world. There is interest in India from many countries, including the UAE. The scope for collaboration is huge.”
The ambassador also said the cooperation between India and the UAE will be in the field of skill development and entrepreneurship. A letter of intent has been signed by the two sides.
Speaking on the visit of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the ambassador said the visit resulted in elevating relations to a higher and more personal level.
“The Abu Dhabi Crown Prince was received with warmth by India’s Prime Minister Modi who broke protocol to welcome the Crown Prince on his arrival at the airport.”
