India and UAE Strengthen Critical Mineral Supply Chains
India and the UAE have signed a memorandum of understanding (MoU) to enhance collaboration on securing critical mineral supply chains. The agreement was formalized during the visit of Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan to India. The UAE’s International Resources Holding has teamed up with an Indian consortium that includes Oil India (OIL), Khanij Bidesh India, and the Oil and Natural Gas Corporation (ONGC).
The MoU aims to facilitate joint exploration of critical minerals in third-party countries, with the goal of improving the stability and resilience of supply chains essential for the digital economy. These minerals are vital for the production of advanced technologies such as electronics, renewable energy systems, and electric vehicles.
A statement from OIL highlighted the key areas of cooperation, including project identification, joint assessments, risk management collaboration, and the development of a long-term supply strategy to ensure a reliable flow of critical energy minerals.
Additionally, work has begun on establishing the India-UAE virtual trade corridor and the Master Application for International Trade and Regulatory Interface (MAITRI). These initiatives fall under the broader India-Middle East-Europe Economic Corridor (IMEEC) agreement, aimed at strengthening trade connections between the two nations.