Sep 14 – Abu Dhabi Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, during an official visit to India, attended a business event in Mumbai on Tuesday, where two major agreements were signed to strengthen trade and investment ties between the two nations.
The first agreement established the India-UAE Virtual Trade Corridor (VTC) and MAITRI interface, aimed at reducing administrative processes, logistics, and transport costs, thus facilitating smoother trade. The second agreement, a Memorandum of Understanding (MoU), was signed between International Resources Holding RSC LTD and a consortium of Indian companies for global collaboration in critical mineral supply chain exploration in third countries.
The VTC will operate under the India-Middle East-Europe Economic Corridor (IMEEC), enhancing ease of doing business by streamlining regulations and logistics. The MAITRI interface integrates Indian and UAE portals to optimize efficiency, regulatory compliance, and transparency.
Additionally, the MoU focuses on boosting critical mineral supply chain resilience, essential for the 21st-century digital economy. India-UAE trade reached $84 billion in 2023-24, with UAE ranked as India’s third-largest trading partner. The UAE has invested over $20 billion in India, including a commitment of $75 billion for infrastructure development.
Source: capitalfm
