2024 is shaping up to be a landmark year for India-UAE relations, with both countries growing closer. Following Indian Prime Minister Narendra Modi’s recent visit to Dubai for the COP 28 Summit, UAE President Sheikh Mohamed bin Zayed Al Nahyan is set to visit India on January 9. He will be the chief guest at the Vibrant Gujarat Summit, an event highlighting India’s economic progress.
This visit marks another step in the evolving relationship between the two nations. Under PM Modi’s leadership, India’s connection with the UAE has evolved from a simple ‘buyer-seller’ dynamic to a multifaceted partnership, especially in energy and food security.
On January 9, PM Modi will welcome the UAE President at Ahmedabad Airport. The two leaders will then take part in a roadshow from the airport to the Gandhi Ashram. The summit will also be attended by UAE’s Minister of State for Trade Thani Bin Ahmed Al Zeyoudi and a business delegation from the UAE.
The visit is expected to feature the signing of Memorandums of Understanding (MOUs) in renewable energy sectors like solar and hydrogen, and the construction of food parks and healthcare facilities. This will further enhance the India-UAE Comprehensive Economic Partnership Agreement.
Additionally, the UAE-India Business Summit is planned alongside the Vibrant Gujarat Summit. Both countries aim to significantly increase their non-oil bilateral trade and service trade over the next five years.
PM Modi’s previous visit to the UAE in July last year was notable for the signing of three MOUs, including plans for an Indian Institute of Technology in Abu Dhabi. In 2022, India and the UAE, as part of a four-nation grouping, announced a $2 billion investment in integrated food parks in India and a hybrid renewable energy project in Gujarat.
PM Modi has been instrumental in reinforcing these ties, with six visits to the UAE in eight years. The UAE President has also visited India multiple times, reflecting the growing bond between the two nations.
Trade between India and the UAE reached $85 billion in 2022, making the UAE India’s third-largest trading partner and India the UAE’s second-largest. The Comprehensive Economic Partnership Agreement signed in February 2022 led to a 15% increase in bilateral trade, signifying the deepening economic connections between the two countries.
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