India, UAE will stand shoulder to shoulder against terrorism: PM Modi

India-UAE comprehensive economic pact reflects deep friendship, shared vision and trust between two nations, says PM Modi

India and the UAE will stand shoulder to shoulder against terrorism, Prime Minister Narendra Modi said on Friday at a virtual summit with Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.

In his remarks, Modi also referred to the recent terror attacks in the Gulf nation even as he delved into various facets of the expanding ties between the two countries.

"We strongly condemn the recent terrorist attacks in the UAE. India and the UAE will stand shoulder to shoulder against terrorism," he said.

The prime minister also complimented the United Arab Emirates (UAE) for showing interest in investing in Jammu and Kashmir.

"Following the successful visit of the Lieutenant Governor of Jammu and Kashmir to the UAE last month, several Emirati companies have shown interest in investing in Jammu and Kashmir," he said.

"We welcome investment by UAE in all sectors, including logistics, healthcare, hospitality, in Jammu and Kashmir," Modi added.

In a significant development, the two sides also inked a Comprehensive Economic Partnership Agreement (CEPA) to further boost trade and investment ties.

In his remarks, Modi said the agreement reflects the deep friendship, the shared vision and the trust between the two countries.

"I am sure this will usher in a new era in our economic relations. And our business will grow from USD 60 billion to USD 100 billion in the next five years," he said.

The prime minister said both sides can encourage startups through joint-incubation and joint-financing, adding that there is scope for cooperation in the skill development of people as well.

At the summit, the two sides also firmed up a vision statement that lays out the contours of the future course of bilateral relations and highlights the areas of focus.

In the vision statement, the two sides agreed to enhance maritime cooperation with an aim to contribute to the maintenance of peace and security in the region.

The two sides also reaffirmed their joint commitment to fight against extremism and terrorism in all forms, including cross-border terrorism, at both regional and international levels.

It also refers to working on a dedicated investment zone for the UAE companies and joint ventures with a focus on setting up a food corridor and the establishment of a dedicated India Mart in the Jebel Ali Free Zone.

It also seeks to create investment opportunities for Indian investors in establishing specialised industrial advanced technology zones in Abu Dhabi, with a specific focus in the areas of logistics and services, pharmaceuticals, medical devices, agriculture, agri-tech, steel and aluminium.

On energy partnership, the vision statement said collaboration will be forged to support India's energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India's growing economy.