5 October, Abu Dhabi [UAE]: India and the United Arab Emirates (UAE) signed an MoU to strengthen and develop industries, with a focus on technology transfer, artificial intelligence, and space technology, while adhering to the relevant laws of both countries, during the 11th high-level task force on investments.
Along with his team, Union Minister of Commerce Piyush Goyal attended the summit in Abu Dhabi, United Arab Emirates.
Additionally, Piyush Goyal met with the managing director of the Abu Dhabi Investment Authority, Sheikh Hamed Bin Zayed Al Nahyan.
“This Memorandum of Understanding (hereinafter referred to as “MoU”) aims at strengthening and developing industries in both nations through investments, technology transfer, and the deployment of critical technologies in industries by utilising joint funds and mutual efforts in developing various technologies. The MoU intends to develop institutional, business, and other forms of collaboration that will be considered and decided upon in the following According to the joint statement from India and the UAE, “This MoU will be implemented in accordance with the applicable laws of the countries of both parties and their respective international obligations.”
The parties would collaborate on the expansion and diversification of both nations’ economies by developing and advancing industries and technology in areas of strategic relevance, according to the statement.
The supply chain resilience of industries will be improved by the two countries. By working together to identify opportunities for Indian companies and UAE businesses to supply raw materials to the respective Indian and UAE markets in order to diversify supply chains, as well as by sharing best practices on industrial enablement and incentivization for industrial growth and development, they will strengthen the supply chain resilience of both countries.
India and the UAE will also collaborate on renewable energy and energy efficiency projects.
In accordance with this, the parties will work together to advance energy storage technology and lower costs, install the Smart Grid and the Internet of Things to increase efficiency, and conduct cooperative R&D in renewable energy and energy efficiency.
The two countries will work together on cooperative R&D projects in the fields of health and life sciences as well as pharmaceutical development, biotechnology deployment of cutting-edge technologies, and combined research and development (R&D) operations.
The parties will collaborate in the fields of artificial intelligence and space technology, which is another significant development.
Under this, they will work together on joint research and development (R&D) projects in the areas of space, technologies, and applications, as well as on the commercial development, launch, and use of small satellites for communication and space exploration, as well as earth observation.
Additionally, India and the UAE will work together to deploy artificial intelligence (AI) technologies related to the aforementioned applications, advance machine learning and data analytics capabilities across the various industrial priority sectors, and create AI capabilities tailored to particular industries.
Additionally, the two countries will cooperate in the area of Industry 4.0 enabling technologies. In accordance with this, the parties will work together to implement 4IR technologies in the manufacturing sector (Smart Factories and Manufacturing), process real-time data, create machine-to-machine control systems, create autonomous robots, machinery, and vehicles, implement additive manufacturing in key sectors, and share best practices in policies pertaining to Industry 4.0 and the Fourth Industrial Revolution.
India and the UAE would also cooperate on accreditation, halal certification, conformity assessment, standardisation, and metrology.
In accordance with this, the two countries will share information regarding procedures, guidelines, and lists of regulated products in the fields of standardisation, conformity assessment, accreditation, and halal certification. They will also work together to the greatest extent possible to harmonise standards with international requirements and assess the conformity of products.
According to the statement, “Each party shall ensure adequate protection of intellectual property rights resulting from cooperation under this Memorandum of Understanding, consistent with the applicable laws, rules, regulations, and multilateral or bilateral agreements to which both parties are parties.”
According to the joint statement, any disagreements between the parties over how to interpret or apply the MoU shall be resolved through talks and consultations.
“This Memorandum of Understanding is effective as of the day it is signed. It will be in effect for three (3) years and then automatically renew for another equivalent period unless either party notifies the other in writing of their intention to terminate it at least six (6) months in advance through diplomatic channels, according to the statement.
It further stated that, unless the parties agreed differently, the termination of the MoU shall not effect any incomplete cooperative activities. The MoU may be altered by mutual consent between the parties by revising the document via diplomatic channels. The changes will take effect as of the day the parties sign them. (ANI)
