In an agreement that seals the faith of India with UAE for the next 5 years, the two countries entered into a US$ 100 billion deal, termed Comprehensive Economic Partnership Agreement (CEPA), to strengthen diplomatic ties. This union will work together towards the Economy, Climate Change and Houbara Conservation, Industries and Advanced Technologies, Low Carbon Hydrogen Developments and Investments, Food Security, Financial Services, and Education cooperation.
Notably, this historic deal has paved the way for the IIT to go global. As per the reports shared by the Ministry of External Affair, the first abroad centre of the Indian Institute of Technology will be set up in UAE, under the scope of CEPA.
IIT to encourage technology & innovation at IIT
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India and the United Arab Emirates have come together in a diplomatic deal to work in collaboration to scale up merchandise trade between the two countries. The journey will be marked by joint work in several other areas of expertise as well. Pointedly, the deal confirms the historical relations existing between India and UAE and realises the need for world-class institutions that advocate, support and encourage innovation and technology, a statement of the Ministry of External Affairs said.
As such, the signatories under CEPA have agreed to set up an Indian Institute of Technology in the United Arab Emirates. IITs form a prestigious ecosystem of technology, innovation and invention in India, under the governance of the Technology Act of, 1961. As yet, there are 23 IITs in India and the UAE centre will be the first of its kind global centre, outside India.
Supporting start-ups in India & UAE
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UAE and India have identified the value of upskilling workforce for enhanced productivity and acknowledge the contribution of Indian ex-pats in various economic sectors of the UAE. The step forward, hence, becomes about working in association to meet the need of UAE labour market skill needs from India and creating training programmes that correspond to the present scenario. The idea is to create a programme that can also adapt to the requirements of the future.
The CEPA also recognises the speedy rise of startups in India and the UAE in the contemporary era, aligning support to such institutions in either country. All companies under this programme will be first expanded in the two regions to utilise them as the basis of growth.
The start-ups could focus on, inter alia, fintech, edu-tech agri-tech, healthcare, logistics and supply chain along with chip design and green energy. Consequent directives have been issued to explore mechanisms and sectors to promote collaboration.
