Abu Dhabi: India and the United Arab Emirates (UAE) during the 11th high-level task force on investments, signed an MoU to strengthen and develop industries, with special emphasis on technology transfer, artificial intelligence, and space technology, and while adhering the applicable laws of both the countries.

Union Commerce Minister Piyush Goyal attended the meeting in Abu Dhabi, UAE along with his delegation.

Piyush Goyal also met with Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority.

"This Memorandum of Understanding (hereinafter referred to as "MoU") aims at strengthening and developing industries in both nations through investments, technology transfer, and the deployment of key technologies in industries, by benefiting from joint funds and the mutual efforts in developing various technologies. The MoU aims to build institutional, and corporate capabilities, skills, and other areas of cooperation that are to be discussed and agreed upon hereinafter. This MoU will be implemented in accordance with the applicable laws of countries of both Parties and their respective international obligations," the joint statement by India and UAE read.

As per the statement, the parties will cooperate in the development and advancement of industries and technologies in sectors of strategic interest for the growth and diversification of both economies.

The two nations would work to strengthen the Supply Chain Resilience of Industries. Under this, they will collaborate in the identification of opportunities that will strengthen the supply chain resilience of both nations, by collaborating in the identification of opportunities for Indian companies and UAE to supply raw materials to Indian and UAE markets, respectively for the diversification of supply chains and by also collaborating to share best practices on industrial enablement and incentivization for industrial growth and development.

India and UAE will also work in the direction of Renewable and Energy Efficiency.

Under this, the parties will endeavour to collaborate in advancing energy storage technologies and reduce cost, collaborate in Smart Grid and IoT (Internet of Things) deployment to enhance efficiency, and joint R&D activities in renewables and energy efficiency.

Under collaboration for Health and life sciences, the two nations will collaborate in the development of Pharmaceuticals, in Biotechnology and deployment of its advanced technologies, and in joint Research and development (R&D) activities efforts in the field of health and life sciences.

In another major announcement, the parties will work in the field of space technology and artificial intelligence.

Under this, they will collaborate in the commercial development launch and use of small satellites for earth observation satellites communication and space exploration, in the development and licensing of space-related materials, and in joint research and development (R&D) activities efforts in the field of space, technologies, and applications.

India and UAE will also collaborate in the deployment of Artificial Intelligence (AI) technologies related to the aforementioned applications, in the advancement of capabilities in machine learning and data analytics across the various industrial priority sectors, and in the development of industry-specific AI capabilities.

The two nations will also collaborate in the field of Industry 4.0 Enabling Technologies. Under this, the parties will endeavor to collaborate in the deployment of 4IR technologies in industry (Smart Factories and Manufacturing), in real-time data processing, in the development of machine-to-machine control systems, in the development of autonomous robotics, equipment, and vehicles, in the deployment of additive manufacturing in key industries, and also in sharing of best practices in policies related to Industry 4.0 and the Fourth Industrial Revolution.

India and UAE will also work for standardization, metrology, conformity assessment, accreditation, and halal certification.

Under this, the two nations will exchange information in the field of standardization, conformity assessment, accreditation, and halal certification including procedures, guidelines, and lists of regulated products, promote knowledge of the standards development activities of each organization, cooperate in the field of the harmonization of standards with international requirements to the extent possible, cooperate in the field of conformity assessment of products, and work towards the mutual recognition of the conformity assessment results including the harmonization of standards and conformity assessment schemes.

"Each party will ensure appropriate protection of intellectual property rights generated from cooperation pursuant to this MoU, consistent with the respective laws, rules, regulations, and multilateral or bilateral agreements to which both parties are party to," the statement added.

As per the joint statement, any dispute that may arise concerning the interpretation or implementation of the MoU will be settled between the parties by consultations and negotiations.

"This MoU will enter into force from the date of its signature. It will remain in force for three (3) years, and thereafter automatically renews for an equivalent period, unless either Party expresses its intention to terminate it, through sending a prior written notification to the corresponding Party through diplomatic channels, at least six (6) months before the termination date," the statement read.

It also mentioned that the termination of the MoU shall not affect the unfinished cooperation activities, unless otherwise decided by the Parties, and it can be amended by mutual agreement, between the two Parties, by the revision of the memorandum through diplomatic channels. The amendments shall be applicable from the date of its signature by the parties.