PM Modi's visit: India, UAE to take energy partnership to new heights

Ahead of PM Modi's UAE visit, Ambassador Deepak Mittal said there are vast opportunities to boost energy and trade ties. The nations aim for $200B trade by 2032, exploring new collaborations in AI, gas storage, and civil nuclear energy.

India's Ambassador to the UAE Deepak Mittal has said that there is a vast opportunity to take forward the energy partnership between the two countries and noted that efforts are being made to develop resilience in the wake of the prevailing situation in the Strait of Hormuz.

In an interview with ANI ahead of Prime Minister Narendra Modi's visit to the UAE, Deepak Mittal said the two countries have strengthened their partnership and the challenge is to take it to "new heights".

"The Prime Minister would be here on May 15. He will be here for a very few hours. He will be meeting the President Sheikh Mohamed bin Zayed Al Nahyan... They can meet at very short notice and can connect, communicate, and engage in substantive discussions within a very few hours," he said.

Mittal said PM Modi's visit to the UAE is always very important. "The relationship under the personal guidance of the leadership has evolved into a comprehensive strategic partnership... In the last 12 years, this would be his eighth visit... His Highness Sheikh Khaled, the Crown Prince of Abu Dhabi, visited India... The Crown Prince of Dubai also visited India last year.... This visit is an opportunity which helps both sides to have in-depth discussions on the prevailing circumstances," he said.

Strengthening Energy Partnership

The Indian envoy said that the UAE has been a very significant partner for India in our energy security. "The UAE is perhaps the first and only country so far that has participated in the strategic petroleum reserves of India, with over 5 million barrels of crude storage in India, which provides strength and resilience to our energy partnership. The recent decision of the UAE to come out of OPEC (Organisation of the Petroleum Exporting Countries) is something where they would also look at newer opportunities and expanding production," he said.

"That also opens up new opportunities... We are enhancing our own strategic storage, not just of crude, but we are also now looking at and focusing on building new strategic storage for gas, LPG, and LNG. The visit will provide that opportunity to discuss how we can deepen our very strong partnership on the energy front," he added.

Boosting Trade and Investment

He said there is a strong trade relationship between the two countries and it should be enhanced further. "For us, the idea is to keep exploring new things. We have a very strong trade today and we have to pursue and enhance that trade. We have a very strong investment partnership, the UAE being cumulatively the seventh largest investor in India," he said.

"There is more scope as India grows as one of the countries which is going to be the third largest economy. The UAE is adapting very fast in AI. In that, we will remain a very important partner. We are looking at the diversification of new energy into new areas of nuclear power and civil nuclear energy. We can work together on that. There is a vast opportunity which exists," he added.

CEPA and New Trade Targets

On the expected collaborations regarding trade and investments between the UAE and India, Deepak Mittal said it has been four years since the two countries signed the CEPA (India-UAE Comprehensive Economic Partnership Agreement).

"The trade has crossed $100 billion... In January, when UAE PM Mohammed bin Rashid Al Maktoum visited India, the leadership put forward for us a new target of having a $ 200 billion bilateral trade by 2032... The non-oil trade has increased by almost 66 to 67%... We know the situation which has emerged because of the situation around the Hormuz, and efforts are being made on both sides to develop that resilience," he said.

"We are working on a multimodal mechanism... We are together as a part of the IMEC (India-Middle East-Europe Economic Corridor)... It is a great opportunity, and we will continue to work on it," he added.

New Frontiers of Collaboration

Mittal said the relationship between India and the United Arab Emirates had transformed significantly over the past decade under the leadership of PM Modi and UAE President Mohammed bin Zayed Al Nahyan. He said a task for him is to take the bilateral relationship with the UAE to a stronger level and make it scale new heights. The strength with which we drive is the guidance which we get from the leadership. He talked of opportunities stemming from India's rapid economic growth.

"India's sea of opportunities, political stability, the large market it provides, the rate of growth at which we are growing--so I think that remains a very strong opportunity," he stated. The envoy identified artificial intelligence and advanced technology as major future areas of collaboration."The UAE is also adapting very fast in AI out there; they are looking at building those technology partnerships," he said. The ambassador further stressed the importance of expanding engagement in defence, healthcare and traditional medicine, including Ayurveda and Yoga.

Role of the Indian Diaspora

Mittal also underlined the role of the Indian diaspora in strengthening bilateral ties, calling them a "living bridge" between the two countries. The UAE is home to over 4.5 million Indians.

"If I may say, it is the largest NRI diaspora--Indian passport holders--anywhere around the world. They form a very strong backdrop foundation of this relationship--the people-to-people connect," he said.

Mittal said the UAE leadership deeply appreciates the Indian community's contribution to the country's socio-economic development. "They always have deep praise for the Indian diaspora about their contributions, about their lawful abidance, how they work," he said. Referring to Prime Minister Modi's description of overseas Indians, Mittal added that the diaspora acts as "Rashtradoots" of India and continues "being a living bridge between India and the UAE."

Prime Minister Narendra Modi will embark on a five-nation tour from May 15 to 20. He will be in the United Arab Emirates in the first leg of his visit and later go to the Netherlands, Sweden, Norway, and Italy. (ANI)

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