India and the UAE solidified their commitment to securing critical mineral supply chains through a newly signed memorandum of understanding (MoU). The agreement was formalized during the visit of Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan to India.
The MoU, signed between the UAE’s International Resources Holding and an Indian consortium consisting of Oil India (OIL), Khanij Bidesh India, and Oil and Natural Gas Corporation (ONGC), outlines collaborative efforts in exploring critical minerals in third countries. This partnership aims to enhance the resilience of critical mineral supply chains, which are crucial for powering the digital economy of the 21st century.
According to an OIL statement, the agreement will see all parties working together in a coordinated manner, focusing on project identification, joint due diligence, risk management strategies, and developing a long-term offtake strategy. The goal is to ensure a stable and reliable supply of essential energy minerals.
Additionally, the partners have initiated the India-UAE virtual trade corridor and the Master Application for International Trade and Regulatory Interface (MAITRI), which are part of the broader framework agreement on the India-Middle East-Europe Economic Corridor (IMEEC).
