The Union Cabinet on Wednesday approved the Memorandum of Understanding between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation. The MoU will benefit Indian SMEs and lead to equitables and inclusive development, said a statement.
The exposure to best practices in SME sector abroad would provide an opportunity to Indian SMEs to improve upon them and innovate further. It would also provide to Indian SME sector an opportunity to have a mutually beneficial relation with SME sector of the United Arab Emirates and to explore their markets.
The Cabinet also approved an MoU with UAE on Institutional Cooperation in Maritime Transport that will pave way for facilitation and promotion of maritime transport, simplification of customs and other formalities, wherever possible, observed in Ports and facilitation of the use of existing installations for the disposal of waste.
The MoU entails Shipping Companies in both countries to enter into bilateral and multi-lateral arrangements for trade. In addition, a pact on bilateral Cooperation in the Road Transport and Highways Sector to be signed between the Ministry of Road Transport and Highways, India and the Federal Transport Authority – Land and Maritime, U.A.E. was also approved.
The proposed MoU envisages increased cooperation, exchange and collaboration between India and the UAE, and will contribute to increased investment in infrastructure development and enhance logistics efficiency. This will help in promoting safe, economical, efficient and environmentally sound road transport in the country and will further help both the countries in creating an institutional mechanism for cooperation in the field.