India and the UAE on Thursday signed a Memorandum of Understanding on increasing cooperation in the field of industries and advanced technologies.

The MoU aims at strengthening and developing industries in both nations through investments, technology transfer and deployment of key technologies in industries, by benefitting from joint funds and mutual efforts.

It was signed between Indian Commerce and Industry Minister Piyush Goyal and Minister of Industry and Advanced Technology of UAE Sultan Al Jaber.

Goyal is here for the 11th meeting of India-UAE High-Level Task Force on Investments.

The MoU also aims to build institutional and corporate capabilities, and skills.

According to the MoU, the two countries will cooperate in the development and advancement of industries and technologies in sectors of strategic interest for the growth and diversification of their economies.

This can be achieved through industrial and academic collaborations; collaborative research and development projects; sharing of science and technology policies, best practices; standardisation, metrology, conformity assessment, accreditation, and 'halal' certification.

The areas and fields of industrial and advanced technology cooperation include strengthening the supply chain resilience of industries, renewable and energy efficiency, health and life sciences, space systems, artificial intelligence, and Industry 4.0 enabling technologies.

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