PM encourages UAE funds to invest in India

NEw new delhi: undercoat government minister Narendra Modi and the coronate Prince of Abu Dhabi, Sheikh Khaled binful Mohamed bin Zayed Al Nahyan, on Thursday encouraged sovereign wealth funds of the United Arab Emirates (UAE) to continue investing in the Indian economy and explored collaboration in strategic sectors such as space, nuclear energy and technology.Sheikh Khaled was among the world leaders whom Modi met on the margins of the AI Impact Summit on Thursday, the others being Dutch Prime Minister Dick Schoof, Greek Prime Minister Kyriakos Mitsotakis and Swiss President Guy Parmelin. Besides collaboration in the field of AI, the meetings focused on bilateral cooperation in a wide range of areas.Modi and Sheikh Khaled, who is on his second official visit to India since 2024, acknowledged the progress in bilateral ties in sectors such as defence and security, trade and investment, and education, and noted that there has been “remarkable growth” in bilateral trade and investment since India and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) in February 2022.Both leaders lauded the significant two-way investment flows and “encouraged UAE sovereign wealth funds to continue to invest in the Indian economy”, the external affairs ministry said in a readout. They also acknowledged the potential of L’Imad, the UAE’s newest sovereign fund, for strengthening the bilateral partnership.Modi and Sheikh Khaled also discussed collaboration in strategic sectors such as space, nuclear energy, technology and innovation. The memorandum of understanding between the health ministries of the two sides for cooperation in health and medicine will promote joint efforts in professional exchanges, institutional collaboration, research, digital health, and pharmaceuticals, the readout said.An arrangement between the Centre for Development of Advanced Computing and G42 and Mohamed Bin Zayed University of AI for deployment of supercomputer cluster in India will be part of the AI India Mission, which will benefit the public and private sectors in research and application development.Modi also welcomed Switzerland’s initiative to host the next AI Summit, to be followed by the UAE.Dutch PM Schoof and Modi, during their meeting, discussed ways to deepen bilateral cooperation in water, agriculture, health, clean energy, green hydrogen, defence and security, and education. Modi appreciated the Netherlands’ contributions as co-chair of the working group on AI for economic growth and social good.The two leaders acknowledged the advent of AI as a “pivotal moment in technological evolution” and emphasised the need for India and the Netherlands to work together to realise the full potential of AI in social transformation, including cooperation in emerging technologies such as AI, quantum and semiconductors.They said the conclusion of negotiations for the India-EU free trade agreement provided an historic opportunity to realise the full potential in trade. The leaders also discussed regional and global developments, and Modi reiterated India’s position on the conflict in Ukraine, “emphasising the need for its earliest possible cessation”, a readout said.Schoof told reporters Modi had assured him that “he wants peace in Ukraine”. He added, “We discussed the ways in which peace in Ukraine is important for Europe…We want to have pressure on Russia. We want to help Ukraine create a just and fair peace.”Modi and Greek PM Mitsotakis reviewed bilateral ties and discussed ways to strengthen cooperation in new areas. They also discussed regional and global issues and appreciated “recent connectivity initiatives and the potential to further expand them under” the India-Middle East-Europe Economic Corridor (IMEC).Swiss President Parmelin and Modi reviewed bilateral relations, including trade, investment, technology, innovation and skill development, and discussed regional and global issues. They also welcomed the deepening of economic ties following the implementation of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), of which Switzerland is a member.The two leaders also agreed to strengthen collaboration in joint research and capacity building.