India – UAE Agree promote Defence Co-Operation Through Joint Production And Mutual Trade.
India-UAE held a webinar under the theme of “Indian Defence Industry Global Outreach for Collaborative Partnership: Webinar and Expo India – UAE Defence Cooperation” on October 27, 2020. The webinar was held in order to boost defence exports between India and UAE.
- The webinar was organized under the Department of Defence Production, Ministry of Defence, MoD, through the Society of Indian Defence Manufacturers, SIDM.
- 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 five years.
- Ambassadors and senior MoD officials from both the countries participated in the webinar.
- The officials had a discussion about the deep- rooted relations between the two countries.
- Both sides agreed to strengthen the cooperation in defence further through joint production and mutual trade.
- The countries 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.
UAE is India’s third largest foreign trading partner. The bilateral trade between both the countries stands at around 53 billion USD. India is also UAE’s largest trading partner. For India, UAE is the second largest export destination of Goods and Services. Over 3 millions foreign diaspora in UAE are Indians which is the largest population of Indian expatriates across the world. Further, UAE is an important crude oil suppliers to India.
Why UAE is important to India?
UAE is located at Strait of Hormuz which is world’s most important oil artery. Thus UAE becomes strategically important for India’s energy security. Indians living in UAE contribute to Indian economy through large remittances. Further, UAE has one of the largest Sovereign Fund in the World and it seeks to invest fund in the National Infrastructure and Investment fund (NIIF) of India. India also need UAE to contain Terrorism and Radicalization because UAE is influential nation in Middle East and Muslim World. Also, after US imposed sanctions on Iran, India needs countries like UAE to import crude oil.