India, Israel, UAE and US to collaborate on projects in West Asia and other countries: FS Shringla
The templates that we develop can be used for enhancing our presence in other regions of the world, the Foreign Secretary said
Foreign Secretary Harsh Vardhan Shringla has said India, Israel, UAE and the US will collaborate on projects in the four countries and in West Asia by leveraging synergies and complementarities in technology, skills, finances, and project execution capacities to augment global good.
Speaking at the India Global Forum 2021 in Dubai on Monday he said: “There are new and emerging areas of partnership that could underpin a 21st century India-UAE relationship. Startups and the tech space provide an arena where Indian capacities and markets can be combined with UAE investments.”
“This is the spirit that underlies the new partnership between India, Israel, UAE and USA - to collaborate on projects in our countries, and in West Asia. We intend to leverage synergies and complementarities in technology, skills, finances, and project execution capacities to augment global good,” he said.
The templates that we develop can be used for enhancing our presence in other regions of the world, the Foreign Secretary added.
Noting that sectors identified for collaboration are Energy, Food, Water, Health, Transportation and Space, he informed that 4 specific projects are being identified in consultation with industry and will be finalised at a Foreign Ministers meeting in Dubai in March 2022.
Semiconductors, Green Hydrogen, Food Security, and 5G are other areas in which industry is being consulted about the potential for joint collaborations, he pointed out.
According to the Foreign Secretary, one of the greatest resources of the relationship is the 3.5 million Indians who live in the UAE. This represents the single largest Indian community abroad, he informed.
Stating that healthcare and Information Technology have emerged as major economic drivers, Shringla said the application of IT to healthcare will transform both.
“India has emerged, after the pandemic, as one of the major suppliers of healthcare capacities in the world. More importantly, in a world that is now seeking resilient and dependable supply chains, India literally walked the talk,” the Foreign Secretary said.
Even during the bleakest days of the pandemic, India did its utmost to live up to its commitments as a global citizen and exported vaccines and critical pharmaceutical products for the benefit of all, he recounted.
Mentioning that India’s strengths in IT are well known, he said India is a source of intellectual property.
“India has one of the fastest growing start-up ecosystems in the world,” Shringla added.
Explaining that India generates ideas and solutions, whether it is Aadhar, or the CoWin app, or the Direct Benefit Transfer schemes, or digital payment interfaces, or fintech solutions, he said India has and continues to use IT to deliver value and services that improve the lives of hundreds of millions.
“The economic benefits of these synergies, with the direction of a visionary leadership, will generate a virtuous cycle in the years to come,” Shringla observed.
“The Indian economy is rapidly recovering from pandemic induced downturn and is returning to its trajectory as a rapidly growing economy,” he claimed.
“The Economic Survey 2020-21 pointed to a strong V-Shaped Recovery of Economic Activity According to the RBI, Indian GDP grew 20% year on year in the first quarter of this year,” the Foreign Secretary said.
“The IMF has projected a 9.5% growth rate for this year – close to double digits. Total FDI inflow during FY21 stood at US$ 81.72 billion, the highest ever. Trade figures are promising,” he added.
He said that an ambitious target of USD 400 billion of exports has been set up by India for the year 2021-22.
“An unprecedented push has been given to negotiating trade agreements. Trade agreements are currently being negotiated with a large number of countries including the UAE. Talks are currently underway with the UK, the EU, Israel and with several other countries and in plurilateral formats,” Shringla recounted.