India and the United Arab
Emirates (UAE) made a strong bid at consolidating their growing ties with a
comprehensive strategic partnership and another 13 pacts in key areas such as
defence, security, trade and energy on Wednesday.
However, the much-anticipated
pact pertaining to the $75 billion investment fund for infrastructure
development in the country, was not among the agreements signed after talks
between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi, Sheikh
Mohammed bin Zayed Al Nahyan.
Al Nahyan, who is accompanied by
a high-level delegation comprising ministers, senior officials and business
leaders will be the chief guest at the Republic Day parade on Thursday. “We
have shaped an ambitious roadmap of engagement to make our comprehensive
strategic partnership purposeful and action oriented. The agreement that was
exchanged just now has institutionalised this understanding,” Modi said.
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He also said convergence
between the two countries can help stabilise the region and the economic
partnership can be a source of regional and global prosperity.
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“Our shared concern on growing
threat from radicalism and terrorism to the safety and security of our people
is shaping our cooperation in this space,” Modi said. He added that bilateral
cooperation stands poised for a major take off.
However, the two sides did not sign a pact pertaining to a $75 billion
investment.
“During the visit, we are hoping
to sign an MoU between their investment fund and our National Infrastructure
Investment Fund (NIIF)” which will put in place a framework as to how the fund
will be administered and which sectors it can be invested in,” Shaktikanta Das,
secretary, economic affairs, external affairs ministry said.
The two nations however, did sign
a strategic oil pact. India began talks to lease part of its strategic storage
to Abu Dhabi National Oil Company (ADNOC). Under the proposed dea, India would
have first rights to the stored crude in case of an emergency, while ADNOC
would be able to move cargoes to meet any shift in demand.
The deal was signed by oil
minister Dharmendra Pradhan and a representative of ADNOC after a meeting
between Prime Minister Narendra Modi and Abu Dhabi’s Crown Prince
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