India and UAE signed a Memorandum of Understanding (MoU) to collaborate in space technology, renewable energy, and Artificial Intelligence (AI)

During the 11th high-level task force on investments, India and the UAE signed a Memorandum of Understanding (MoU) to strengthen and develop industries, with special emphasis on the transfer of technology, Artificial Intelligence (AI), and space technology, while adhering to the applicable laws of both the countries.

The Union Commerce Minister, Mr. Piyush Goyal, attended the meeting in Abu Dhabi along with his delegation and met with Mr. Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority.

The aim of the MoU is to strengthen and develop industries in both nations through investment and the deployment of key technologies in industries, benefiting from joint funds and mutual efforts in developing various technologies. It helps to build institutional and corporate capabilities, skills, and other areas of cooperation that are to be discussed.

To foster the growth and diversification of both economies, both parties will cooperate in the development and advancement of industries and technologies in sectors of strategic interest. Both countries will work to strengthen the supply chain resilience of industries. For this, they’ll collaborate in the identification of opportunities that will eventually foster the supply chain resilience of both nations by collaborating in the identification of opportunities for Indian companies and UAE companies to supply raw materials to Indian and UAE markets, respectively, for the diversification of supply chains, and by also collaborating to share the best practices on industrial enablement and incentivization for industrial growth and development.

India and the UAE will also work in the direction of growing renewable and energy efficiency. Under this, the parties will endeavour to collaborate in advancing energy storage technologies and reducing costs, collaborating in smart grid and Internet of Things (IoT) deployment to enhance efficiency, and collaborating in joint R&D activities in renewables and energy efficiency.

The two countries will work together on joint research and development projects in the areas of health and life sciences as well as pharmaceutical development, biotechnology deployment of its cutting-edge technologies, and pharmaceutical development.

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 projects in the area of space technologies and applications, as well as the commercial development, launch, and use of small satellites for communication and space exploration, as well as earth observation.

India and the UAE will also work together to develop industry-specific AI capabilities and deploy artificial intelligence technologies related to applications in the advancement of machine learning and data analytics across the various industrial priority sectors. 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 four IR technologies in industry, including real-time data processing, machine-to-machine control systems development, autonomous robotics, equipment, and vehicle deployment, addictive manufacturing implementation in key industries, and sharing of best practices in policies related to Industry 4.0 and the Fourth Industrial Revolution.

Additionally, India and the UAE would collaborate on standardisation, accreditation, metrologic conformity assessment, and halal certification. 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 spread awareness of each organization's efforts to develop standards. They will cooperate to the greatest extent possible in the fields of harmonising standards with international requirements and conducting product conformity assessments.

As per one of the statements, each party will ensure the appropriate protection of intellectual property rights generated from cooperation pursuant to this MoU, consistent with the respective laws, rules, regulations, and multilateral or bilateral agreements. As per the joint statement released, any dispute that may arise concerning the interpretation of the MoU will be settled between the parties by consultations and negotiations. The MoU will remain in force for three years from the date of signature unless either party expresses its intention to terminate it.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.