The two countries discuss new options to strengthen cooperation to reach their net zero targets at the India-UAE Partnership Summit
The UAE’s expanded cooperation with India in the area of climate and clean energy aims to support New Delhi’s ambition to achieve 450 gigawatts of renewable energy installed capacity by 2030 and net-zero carbon emissions by 2070, a senior official said on Tuesday.
President and CEO of Dubai Chambers of Commerce, Mohammad Ali Rashed Lootah, said both the countries were “old energy partners”, with India being the third leading importer and consumer of UAE crude oil.
Speaking to media on the sidelines of the India-UAE Partnership Summit here on Tuesday, Lootah said the ambition aligns with UAE’s goals to expand its clean energy capabilities to meet the targets of the UAE Energy Strategy by 2050 and the ambitions set in the UAE Net Zero by 2050 Strategic Initiative.
Highlighting the benefits of signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) last year, Lootah said the agreement would boost the UAE-India bilateral trade to USD 100 billion within five years.
“It would encompass multi-faceted cooperation and developments in trade, investment, tourism, food security, clean energy, science, health and technology, defence, and space – pretty much in all sectors,” he said.
Lootah also said that CEPA provided both India and the UAE with new options to cooperate and leverage the multiple growth opportunities offered by the energy transition.
“Both countries work together for a more sustainable future, and therefore, we expect enhanced cooperation in renewable energy especially solar power and hydrogen,” he said.
“CEPA entered into force in May 2022, so it may be too early to determine which sector has benefited most. However, we know that under this landmark agreement both countries expect to boost bilateral trade from USD 60 billion to USD 100 billion within the next five years,” said Lootah.
Stressing on the significance of healthcare and agritech in the expansion of bilateral ties, he said these areas have been given a great deal of attention from the two countries that are moving closer than ever in securing strong cooperation in healthcare and agritech.
Lootah added, “There were newer areas of cooperation in healthcare and food security during and post the COVID-19 pandemic. With food security being a top strategic priority for the UAE and India’s enormous agritech ecosystem, we have seen a significant growth in UAE agricultural investment in India.”
He recalled the tormenting days of 2020 when, in response to the pandemic, the UAE-India Food Corridor was a huge success in attracting UAE investment in Indian food parks, farms, and fruit and vegetable hubs.
“It also helped boost job creation and support to Indian farmers. This trend will continue and even be stronger under CEPA, making India a reliable food security partner for the UAE,” he added.
India and the UAE have showcased bilateral cooperation in healthcare and medical best practices during the pandemic and are set to establish new health partnerships driven by the latest research and development, medical technologies, and innovation.
“I believe the two countries will continue to foster cooperation in this vital sector to ensure advanced health systems and the wellbeing of people on both sides,” Lootah further said.
He also pointed at pharmaceuticals as a significant part of health cooperation. “The CEPA agreement incorporates a separate Annex on pharmaceuticals to facilitate access of Indian pharmaceuticals products, especially automatic registration, and marketing authorisation in 90 days for products approved by developed country regulators like the US, the UK, the EU and Japan,” he explained.