New Delhi, May 21 (IANS) Prime Minister Narendra Modi’s multi-nation tour highlights India’s accelerating efforts to diversify energy sources, deepen strategic partnerships, and position itself as a key bridge between the Middle East and Europe in an increasingly fragmented global order, according to a news article.
Prime Minister Modi’s recent visits to the Netherlands and Sweden constitute part of India’s wider European outreach, which included Norway and Italy, at a time of shifting alliances in the geopolitical landscape amid the dramatic change in US foreign policy under Donald Trump’s presidency, The Times Kuwait newspaper reported.
The Prime Minister’s visit to Abu Dhabi, on his way to Europe, came in the backdrop of the UAE’s recent decision to exit the Organisation of Petroleum Exporting Countries (OPEC) quota system, a move that allows the Gulf nation greater flexibility to increase oil production and pursue bilateral supply agreements with key partners such as India, the article said.
India and the UAE signed a number of strategic energy agreements, including an expanded arrangement between the Indian Strategic Petroleum Reserves Limited and the Abu Dhabi National Oil Company (ADNOC) to increase the UAE crude supply for India’s strategic reserves to 30 million barrels.
Additional agreements between Indian Oil Corporation and ADNOC strengthened long-term liquefied petroleum gas supply commitments, while both sides also agreed to explore the development of strategic gas storage facilities in India.
Apart from hydrocarbons, cooperation between the two countries is also expanding into emerging sectors such as ports development, green hydrogen, and civil nuclear energy, signaling a broader strategic alignment between New Delhi and Abu Dhabi.
Prime Minister Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan at their bilateral meeting agreed to promote new initiatives for a comprehensive energy partnership.
The two leaders welcomed the announcement of $5 billion in investment into India by UAE entities. This includes investment of $3 billion by the Emirates New Development Bank (ENDB) in the RBL Bank of India, $1 billion by the Abu Dhabi Investment Authority (ADIA) with the National Infrastructure and Investment Fund of India (NIIF) in priority infrastructure projects in India, and $1 billion by the International Holding Company in Sammaan Capital of India. These investments underscore the UAE’s sustained and long-term commitment to India’s growth story, while strengthening the bilateral strategic investment partnership.
The other agreements signed during Prime Minister Modi’s visit to the UAE include the signing of an MoU between Cochin Shipyard Limited and Dubai-based Drydocks World for setting up a Ship Repair Cluster at Vadinar in Gujarat, including offshore fabrication, under the Maritime Development Fund Scheme launched by the Indian government, the Prime Minister’s Office said in a statement.
The two leaders also reviewed the entire gamut of bilateral relations and welcomed the deepening of the Comprehensive Strategic Partnership across multiple sectors, including energy, trade, investment, defence, security, fintech, infrastructure, education, culture and people-to-people ties. They acknowledged the success of the India–UAE Comprehensive Economic Partnership Agreement (CEPA), which has led to bilateral trade scaling new heights.
–IANS
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