PM Modi in UAE: Prime Minister Narendra Modi landed in Abu Dhabi, United Arab Emirates on the first leg of his five-nation visit on May 15.
During the visit, the Prime Minister met with the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan. The two leaders exchanged views on bilateral issues, especially energy cooperation, as well as on regional and international issues of common interest.
“I spoke to you on the phone but I was very eager to meet you in person,” PM Modi said during a delegation-level meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan.
Here are the major agreements and investment decisions announced today, according to the ANI news agency:
-Strategic Defense Partnership Framework Agreement between India and UAE.
-MoU on strategic oil reserves.
-Agreement on the supply of liquefied petroleum gas (LPG)
– Memorandum of Understanding on the establishment of a ship repair cluster in Vadinar.
-Announced US$5 billion investment in Indian infrastructure and RBL Bank and Samman Capital.
What is the Memorandum of Understanding on Strategic Petroleum Reserves?
While official details of the MoU are awaited, a Strategic Petroleum Reserve (SPR) memorandum of understanding (MoU) generally refers to a diplomatic and operational framework between countries or energy corporations to cooperate in building, maintaining or storing emergency supplies of oil.
These stocks typically act as an energy safety net to stabilize supply chain disruptions and fluctuating global oil prices
A short visit to Abu Dhabi
Prime Minister Modi’s brief visit to Abu Dhabi was seen as an opportunity for India to boost energy supplies from the UAE and discuss the welfare of the four million-strong diaspora in the Emirates.
During the crisis arising from the US-Iran war and its impact on the movement of vessels through Strait of HormuzIndia has reached out to key West Asian energy suppliers. The UAE is India’s third-largest trading partner and its seventh-largest source of investment cumulatively over the past 25 years, the ministry said.
PM Modi’s visit to the Emirates comes months after the President of the United Arab Emirates (UAE) Sheikh Mohammed bin Zayed Al Nahyan he visited India for two to three hours in January.
After the UAE, Prime Minister Modi will travel to the Netherlands from May 15 to 17, where he is expected to hold talks with Dutch Prime Minister Rob Jetten and meet King Willem-Alexander and Queen Maxima. The visit is expected to focus on sectors such as semiconductors, green hydrogen, innovation, defense and water management.
