Prime Minister Narendra Modi’s upcoming two-day visit to the United Arab Emirates (UAE), starting Tuesday, will focus on enhancing cooperation across various sectors including energy, ports, fintech, digital infrastructure, railways, and investment flows. During talks between Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, both sides are expected to finalize numerous agreements to bolster collaboration in these crucial areas.
According to Foreign Secretary Vinay Kwatra, discussions will center on strengthening cooperation in ports, logistics, energy security, energy trade, and the digital domain. Additionally, efforts will be made to establish understandings regarding investments in digital infrastructure and measures to safeguard and foster capital flows.
The discussions between Modi and Al Nahyan are slated for Tuesday, with a particular focus on digital cooperation and potential collaboration in maritime heritage, fintech products, and railways. Kwatra noted that negotiations are ongoing for various agreements to be concluded during the visit, although specific details are yet to be disclosed.
This marks Modi’s seventh visit to the UAE since 2015, as highlighted by the Ministry of External Affairs (MEA). Apart from engaging in bilateral discussions, Modi will participate in the World Government Summit 2024 in Dubai as the guest of honor, where he will deliver a special keynote address. Additionally, he will inaugurate the BAPS Mandir, the first Hindu temple in Abu Dhabi, and address the Indian community in the UAE at an event in Zayed Sports City.
Following Modi’s landmark visit to the UAE in August 2015, bilateral relations were elevated to a Comprehensive Strategic Partnership. Notably, both countries signed a Comprehensive Economic Partnership Agreement (CEPA) in February 2022 and established a Local Currency Settlement (LCS) System in July 2023 to facilitate cross-border transactions using the Indian Rupee and the United Arab Emirates Dirham (AED).
The UAE is among India’s top trading partners, with bilateral trade reaching approximately USD 85 billion in 2022-23. Moreover, it ranks among the top four investors in India in terms of foreign direct investment. The vibrant Indian community in the UAE, numbering around 3.5 million, constitutes the largest expatriate group in the country. Additionally, the UAE was invited as a special invitee to the G20 during India’s presidency of the grouping.