PM Modi in UAE: Prime Minister Narendra Modi landed in Abu Dhabi, UAE, on the first leg of his five-nation visit on 15 May.
The prime minister met Sheikh Mohamed bin Zayed Al Nahyan during the visit. The two leaders exchanged views on bilateral issues, in particular energy cooperation, as well as regional and international issues of mutual interest.
“I used to keep speaking to you over the phone, but I was very eager to meet you in person,” said during his delegation-level talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The trip resulted in major agreements and investment announcements across the defence, energy, infrastructure and banking sectors for India.
Here are the major agreements and investment decisions announced today, according to news agency ANI:
-India and the UAE signed an Agreement on Framework for the, further strengthening bilateral strategic and security cooperation.
-The two countries also signed a Memorandum of Understanding on Strategic Petroleum Reserves and an agreement on supplies of (LPG), boosting cooperation in the energy sector.
-In the maritime sector, both sides signed an MoU on setting up a Ship Repair Cluster at Vadinar.
-Investments worth $5 billion were announced in as well as in RBL Bank and Samman Capital.
What is an MoU on Strategic Petroleum Reserves?
While official details of MoUs are awaited, a Memorandum of Understanding (MoU) on (SPR) generally refers to a diplomatic and operational framework between countries or energy corporations to collaborate on building, maintaining, or storing emergency crude oil supplies.
These reserves usually act as an energy safety net to stabilise supply chain disruptions and volatile global oil prices
Short visit to Abu Dhabi
PM Modi’s short visit to Abu Dhabi was seen as a chance for India to shore up energy supplies from the UAE and to discuss the welfare of the four-million-strong diaspora in the Emirates.
During the crisis arising from the US-Iran war and its impact on vessel traffic through the Strait of Hormuz, India has reached out to key energy suppliers in West Asia. The UAE is India’s third-largest trade partner and its seventh-largest source of cumulative investment over the past 25 years, the Ministry said.
PM Modi’s visit to the Emirates comes months after the President of the United Arab Emirates (UAE), , visited India for two to three hours in January.
After the UAE, PM Modi will travel to the Netherlands from May 15-17, where he is scheduled to hold talks with Dutch and meet King Willem-Alexander and Queen Maxima. The visit is expected to focus on sectors such as semiconductors, green hydrogen, innovation, defence and water management.
(With agency inputs)
- Strengthening energy security through strategic petroleum reserves.
- Investment of $5 billion in Indian infrastructure signals growing economic ties.
- The importance of personal diplomacy in enhancing bilateral relations.
