Bilateral trade between India and UAE have remained robust and business groups in UAE have also shown interest in investing in Jammu and Kashmir.
New Delhi: Prime Minister Narendra Modi and Crown Prince of Abu Dhabi, and Deputy Supreme Commander of UAE Armed Forces Sheikh Mohamed bin Zayed al Nahyan are set to hold a Virtual Summit on Friday, February 18. Both leaders are expected to lay out their vision of the historical and friendly relations between the two countries when India is celebrating 75 years of its Independence as Azadi Ka Amrit Mahotsav, and UAE is celebrating the 50th anniversary of its foundation.
Sources say the virtual Summit will be held when both sides are looking to add a new chapter in the Comprehensive Strategic Partnership.
The bilateral ties have grown strong since 2015 when PM Modi visited UAE, and there is great personal chemistry between Modi and the Crown Prince of Abu Dhabi, added sources.
UAE investments are in the range of USD 17 billion compared to USD 3 billion in 2014. The business groups in UAE have also shown interest in investing in Jammu and Kashmir.
The defence relations have progressed while the energy cooperation has also been transformed with UAE's participation in strategic reserves and offering Indian companies stakes in two fields.
UAE is India's third-largest supplier of crude oil and the second-largest supplier of LPG/LNG, and the cooperation in renewable energy is set to strengthen.
Prime Minister Modi visited UAE in 2015, 2018 and 2019, while the Crown Prince of Abu Dhabi visited India in 2016 and 2017. Ministerial visits between the two sides have also continued, including three visits of External Affairs Minister Dr S Jaishankar and a visit of Commerce and Industry Minister Piyush Goyal to UAE in 2021.
Both sides have collaborated closely during the Covid-19 pandemic in critical areas of healthcare and food security. Bilateral trade, investment, and energy relations have remained robust. The two sides are also strengthening their cooperation in new areas of renewable energy, start-ups, fintech, etc.
