Abu Dhabi: India and the United Arab Emirates (UAE) have joined forces to collaborate in sharing and development of industries and advanced technologies.

India's Ministry of Commerce and Industry and UAE's Ministry of Industry and Advanced Technology signed a Memorandum of Understanding (MoU) on Thursday on cooperation in the fields of industries and advanced technologies.

The MoU was signed in the presence of Commerce and Industry Minister Piyush Goyal and Sheikh Hamed Bin Zayed Al Nahyan, the Managing Director of Abu Dhabi Investment Authority.

This Memorandum of Understanding 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, corporate capabilities, skills, and other areas of cooperation," the objective of the MoU read.

The MoU also said that the areas and fields of industrial and advanced technology cooperation between the two countries within the framework of MoU may include strengthening the supply chain resilience of industries, renewable and energy efficiency, health and life sciences, space system, artificial intelligence and industry 4.0 enabling technologies.

The MoU further mentions that two sides will cooperate in the development and advancement of industries and technologies in sectors of strategic interest for the growth and diversification of both economies, and may do so through multiple means including (but not limited to) the following industrial and academic collaborations; collaborative research and development projects; knowledge, Intellectual Property (IP) and capability exchange protocols; and/or Licensing arrangements, sharing of science and technology policies best practices, standardization, metrology, conformity assessment, accreditation, and Halal certification.

This MoU will enter into force from the date of its signature. It will remain in force for three 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 months before the termination date.

UAE and India along with Saudi Arabia, the US and European Union (EU), had recently announced an ambitious infrastructure plan -- the 'India-Middle East-Europe Economic Corridor'. This initiative launched at the G20 summit in New Delhi, seeks to reshape the trade route between the Gulf, Europe and South Asia, connecting them by rail and sea links.

Union Minister Piyush Goyal is in UAE to co-chair the 11th Meeting of the India-UAE High-Level Joint Task Force to boost investments between the two countries.