President Sheikh Mohamed on Wednesday addressed the Vibrant Gujarat Global Summit in India, a global business forum, telling those in attendance the UAE supports co-operation to promote economic growth and development.
"Today I participated in the Vibrant Gujarat Global Summit in India, alongside leaders and officials from around the world," Sheikh Mohamed wrote on X, formerly Twitter.
"The UAE firmly believes in the power of building bridges of co-operation to promote economic growth and fostering international collaboration to address global challenges and help achieve stability and prosperity for all."
He noted that the summit – founded by India's Prime Minister Narendra Modi in 2003 when he was chief minister of Gujarat – has become an important international forum for the exchange of expertise in economic growth and investment.
"It is a pleasure to join our friends from India and across the globe at this summit, embarking on a collaborative journey to discover pathways to prosperity and progress for our peoples and nations," the President said, according to Wam.
Sheikh Mohamed arrived in Gujarat on Tuesday to attend the three-day event that started on Wednesday.
Mr Modi received him at Ahmedabad Airport, after which the two leaders travelled in a motorcade to the venue for their meeting.
"My brother His Highness Sheikh Mohamed has not only graced the Vibrant Gujarat Summit but also spoke at the summit," Mr Modi said.
"His remarks were extremely encouraging. India cherishes his thoughts and his efforts to boost India-UAE ties."
India and the UAE later signed key agreements in renewable energy, food processing and health care, with the aim of strengthening bilateral ties.
“Narendra Modi held warm discussions with the UAE President and Ruler of Abu Dhabi in Gandhinagar,” said Randhir Jaisawal, the Ministry of External Affairs spokesman.
"In their fourth meeting in less than seven months, the leaders hailed the rapidly transforming India-UAE partnership and reaffirmed their commitment to a shared and prosperous future."
Mr Jaisawal said India and the UAE signed agreements on investment co-operation in the renewable energy sector, innovative healthcare projects and in the food processing sector that contributes to global food security.
The deals are set to boost relations between the UAE and India, countries which already share strong strategic and economic ties.
The UAE is India’s third-largest trading partner and second-largest export destination.
“The agreements were signed by the respective Indian ministries, underscoring the UAE’s strong commitment to supporting the continued development of India’s prospering economy, which is estimated to grow by 7.3 per cent during the current fiscal year,” Wam reported.
The agreement on renewable energy was signed by Mohamed Al Suwaidi, UAE Minister of Investment, and Subrahmanyam Jaishankar, India's External Affairs Minister.
India, the world’s second most populous country, is under pressure to cut its carbon emissions and invest in clean energy as it strives to upgrade and expand infrastructure to meet the needs of its 1.3 billion people.
The nation is walking a tightrope to balance its energy and developmental needs while safeguarding the climate, as it launches measures, including reducing dependence on fossil fuels – a major source of carbon emissions – to cut down on greenhouse gases.
India is investing in non-fossil resources to achieve 50 per cent generation of its energy requirements – 500 gigawatts – by the end of the current decade and has been tapping into solar energy.
It has installed 66GW of solar and wind capacity since 2015 and currently has a total generation of 110GW from these sources.
But the country’s shift to a low-carbon path will require more than $10 trillion of new investment by 2070, according to an independent study released on Wednesday by the CEEW Centre for Energy Finance, one of South Asia's leading think tanks.
“Investment co-operation in renewable energy projects to be implemented in India under the agreement can reach up to 60GW,” Wam reported.
The two countries signed a Comprehensive Economic Partnership Agreement (Cepa) that helped boost bilateral trade to $84.5 billion between April 2022 and March last year, expected to increase to $100 billion by 2027, Wam said.
In 2022 the UAE announced it would invest $2 billion to develop a series of integrated food parks across India.
India’s food processing sector is one of the world's largest, developing at an average annual growth rate of 8.3 per cent in the past five years.
It is estimated to reach a value of $535 billion by 2025, according to the Indian government.
“The investment co-operation aims to harness cutting-edge AgriTech, clean tech and renewable energy solutions, symbolising a significant partnership between the UAE and India,” Wam said.
DP World, a multinational logistics company based in Dubai, has also signed an agreement with the Gujarat government for the development of green and sustainable ports in the state.
