UAE, India tie up for critical minerals supply chains

India and the UAE on Tuesday joined hands for securing their critical mineral supply chains.

A memorandum of understanding (MoU) between the UAE's International Resources Holding and an Indian consortium of Oil India (OIL), Khanij Bidesh India as well as Oil and Natural Gas Corporation (ONGC) was inked on the occasion of Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan's visit to India.

According to official statement, the MoU provides for cooperation in critical minerals exploration in third countries. "It will help boost the supply chain resilience of critical minerals. Critical minerals are key to powering 21st century digital economy," it added.


An OIL statement announcing the agreement said all parties will work together in a cooperative and coordinated manner, and will focus on project identification, conducting joint due diligence, collaborating on risk management strategies and devising a long-term offtake strategy. It also spelled out a goal to secure a stable supply of critical energy minerals.

Work also began on the India-UAE virtual trade corridor and the Master Application for International Trade and Regulatory Interface (MAITRI). These activities are under the framework agreement between India and the UAE on the India-Middle East-Europe Economic Corridor (IMEEC)