PM reaches UAE; inks key pacts with crown Prince
ABU DHABI: India and the UAE signed MoUs in presence of Prime Minister Narendra Modi and Sheikh Mohammed bin Zayed Al Nahyan, crown Prince of Abu Dhabi and deputy supreme commander of the UAE armed forces, on Saturday. The MoUs are related to energy sector, railways, manpower and financial services.
An MoU between Indian consortium (OVL, BPRL & IOCL) and ADNOC was signed for acquisition of 10% participating interest in the offshore Lower Zakum concession. The concession will be for 40 years from 2018 to 2057, 60% of the participating interest will be retained by ADNOC and remaining 30% will be awarded to other international oil firms. This is the first Indian investment in upstream oil sector of UAE, transforming the traditional buyer-seller relationship to a longterm investor relationship.
To cooperate in the field of manpower, India and UAE signed an MoU that aims to institutionalise the collaborative administration of contractual employment of Indian workers in UAE. Under the MoU, both the sides will work to integrate their labour related e-platforms for ending the existing malpractices, combat trafficking and organise collaborative programmes for education and awareness of contractual workers.
An MoU for technical cooperation in rail sector was also signed between ministry of railways and Federal Transport Authority land & maritime of UAE. The MoU aims at cooperation in infrastructure sector especially railways.
The MoU will facilitate development of joint projects, knowledge sharing, joint research and technology transfer. The MoU envisages formation of a joint working group for institutionalising the cooperation mechanism.
To deepen bilateral cooperation in the field of finance, an MoU between Bombay Stock Exchange and Abu Dhabi Securities Exchange was signed. It aims at enhancing cooperation between both the countries in financial services industry. The MoU envisages information exchange, exchange of experts and training for mutual benefit of both the countries. The MoU would facilitate investment in financial markets by investors from both the countries. An MoU between government of J&K and DP World was also singed to establish multi-modal logistics park and hub in Jammu.
Earlier, Modi, who arrived from Jordan on the second leg of his three-nation tour, was received by Crown Prince of Abu Dhabi Mohammed Bin Zayed Al Nahyan and other members of the Royal family at the airport.
“Reached UAE. This visit includes a wide range of programmes which will have a positive impact on India-UAE ties. I thank HH Mohamed bin Zayed Al Nahyan for the special gesture of receiving me,” Modi tweeted.