UAE and India Deepen Ties in Renewable Energy, Food Processing and Healthcare with New MoUs

India, January 9, 2024 : The United Arab Emirates (UAE) and India have taken a major step towards strengthening their economic partnership by signing three Memorandums of Understanding (MoUs) across key sectors: renewable energy, food processing, and healthcare. This move underlines the UAE's commitment to supporting India's continued economic growth and its focus on collaborating on strategic areas for mutual benefit.

Boosting Green Energy Partnership:

• The agreement on renewable energy, with a potential capacity of up to 60 gigawatts, aligns with India's ambitious goal of achieving net-zero emissions by 2070 and meeting 50% of its electricity needs from renewables by 2030.
• The MoU focuses on building public-private partnerships, implementing incentives, and exchanging knowledge to accelerate India's clean energy transition.

Building Food Security Together:

• The MoU on food park development aims to leverage cutting-edge technology and create efficient infrastructure to enhance food processing and contribute to global food security.
• This collaboration aligns with India's 'Mega Food Park Scheme' to boost the sector, which is growing at an impressive average annual rate of 8.3%.

Enhancing Healthcare Innovation:

• The MoU on innovative healthcare projects highlights precision health, personalized care based on individual genetic and biological data, as a priority area.
• This reflects India's focus on making healthcare affordable, accessible, and increasingly innovative, particularly with its growing population.

These MoUs build upon the already strong economic ties between the UAE and India, further solidified by the Comprehensive Economic Partnership Agreement (Cepa) implemented in May 2022. With bilateral trade already exceeding $84.5 billion and projected to reach $100 billion by 2027, this partnership is poised for continued growth.