Sources told NDTV that two important memorandums of understanding, in the areas of Liquefied Petroleum Gas (LPG) and Strategic Petroleum Reserves, are likely to be concluded during this visit.
New Delhi:
Prime Minister Narendra Modi visited Abu Dhabi for an official visit to the United Arab Emirates (UAE) amid the global energy crisis due to the war in the Middle East. During the trip, which coincides with a fuel price hike in the country, India and the United Arab Emirates signed key pacts on energy security, defence partnership and trade.
In Abu Dhabi, PM Modi held talks with the President of the UAE, Mohamed bin Zayed Al Nahyan, on key areas of cooperation, including trade, investment, energy security, and people-to-people ties. Both leaders signed memorandums of understanding (MoUs) on a framework for the bilateral strategic defence partnership, the supply of Liquefied Petroleum Gas (LPG) and strategic petroleum reserves, and an investment to the tune of $5 billion in Indian infrastructure and RBL Bank and Samman Capital.
An agreement was also signed for setting up a ship repair cluster at Vadinar, in the Dwarka district of Gujarat. The pacts would further deepen strategic and economic engagement between New Delhi and Abu Dhabi, one of India’s key partners in the Gulf region.
PM Modi’s Call For Open Hormuz
Speaking during delegation-level talks in Abu Dhabi, Prime Minister Narendra Modi said, “India stands shoulder-to-shoulder with the UAE in every situation, and it will continue to do so. For the restoration of peace and stability, India will extend all possible cooperation.”
PM Modi also condemned the Iranian attacks on the UAE amid war with the United States and Israel. He said it was important that the Strait of Hormuz remain “free and open” and added that international laws must be respected.
The Prime Minister thanked UAE President Mohamed bin Zayed Al Nahyan for strengthening the India-UAE comprehensive strategic partnership and said bilateral cooperation had gained greater importance in the current global situation.
PM Modi said both sides had agreed during the UAE President’s January visit to India to qualitatively upgrade relations and had already made significant progress in a short span.
“I extend heartfelt gratitude to you for taking our comprehensive strategic partnership to new heights. During your visit to India in January, we agreed to qualitatively upgrade our relations. Even in such a small duration, we have made significant progress in all matters. In the kind of situation we have at hand today, the importance of India-UAE strategic cooperation has vastly increased. In the time to come, we will go ahead together in every area,” he observed.
PM Modi said the impact of the conflict in the Middle East was being felt globally and stressed that dialogue and diplomacy remain the best way to resolve issues.
India-UAE Ties
The UAE is India’s third-largest trade partner and its seventh-largest source of investment cumulatively over the past 25 years. With the UAE hosting a strong Indian community of over 4.5 million, the visit will also be an opportunity to discuss their welfare.
Through the current turmoil in the Middle East, the UAE has remained one of India’s most reliable energy partners and continues to be so. With long-term supply agreements in place, India will further bolster its energy security.
After months of absorbing the fuel price shock due to US-Iran war, India has finally hiked retail selling prices of petrol and diesel. The hike, effective from Friday (May 15), is the first in four years for retail consumers. The price of CNG has also been raised by Rs 2.
PM To Also Visit 4 European Nations
Briefing the media, Secretary (West) in the Ministry of External Affairs, Sibi George, earlier stated that in the second leg of his visit, the prime minister will also visit the Netherlands. From there, he’ll travel to Sweden’s Gothenburg and hold bilateral talks with his Swedish counterpart, Ulf Kristersson. The two Prime Ministers will also address the European Round Table for Industry, a leading pan-European business leaders’ forum, along with the President of the European Commission, Ursula von der Leyen.
The next Prime Minister will visit Norway on Monday for the 3rd India-Nordic Summit and bilateral engagements. In the final leg of his visit, the Prime Minister will be in Italy on Tuesday. During the visit, PM Modi will call on President Sergio Mattarella and hold talks with Prime Minister Georgia Meloni.
