India and United Arab Emirates held a webinar on 27 October 2020. The Bilateral webinar was held in order to boost defence exports between India and Emirates.
Theme for the webinar “Indian Defence Industry Global Outreach for Collaborative Partnership: Webinar and Expo India – UAE Defence Cooperation”
Points To Note
- Bilateral webinar was organized by Ministry of Defence, Department of Defence Production, through the Society of Indian Defence Manufacturers.
- India-UAE Webinar was part of the series of webinars being organized with friendly foreign countries to boost defence exports and to achieve defence export target of $5 Billion in coming 5 years.
- Both countries Ambassadors and senior Ministry of Defence officials from both the countries participated in the webinar.
- Defence officials had a discussion about the deep- rooted relations between the India-UAE.
- India-UAE agreed to strengthen the cooperation in defence further through joint production and mutual trade.
- India-UAE are emphasizing on openness and inter-linkages in order to make companies a part of the global supply chains. In this way, foreign companies could have a role in Indian defence manufacturing ecosystem as well.
India-UAE Bilateral relation
United Arab Emirates is India’s third largest foreign trading partner. India-UAE bilateral trade stands at around $53 billion. India is also Emirate’s largest trading partner. For India, Emirates is the 2nd largest export destination of Goods and Services. Over 30 lakh foreign diaspora in UAE are Indians which is the largest population of Indian expatriates in the world. Further, United Arab Emirates is an important crude oil suppliers to India.
Why Emirates is important to India?
- United Arab Emirates is located at Strait of Hormuz which is world’s most important oil artery.
- Thus Emirates becomes strategically important for India’s energy security.
- Indians living in UAE contribute to Indian economy through large remittances.
- Emirates has one of the largest Sovereign Fund across the World and it seeks to invest fund in the National Infrastructure and Investment fund of India.
- India also need United Arab Emirates to contain Terrorism and Radicalization because UAE is influential nation in Middle East and Muslim World.
- Also, after United States imposed sanctions on Iran, India needs countries like United Arab Emirates to import crude oil.
India UAE Agree promote Defence Co-Operation India UAE Agree promote Defence Co-Operation