UAE's Minister of State for Financial Affairs Obaid bin Humaid Al Tayer has held a virtual meeting with Indian Finance Minister Nirmala Sitharaman to discuss means of bolstering cooperation with India in various fields. Al Tayer congratulated Sitharaman, the government, and the friendly people of India on the occasion of India's Independence Day, which was celebrated on Aug. 15. He also praised the measures taken by India to mitigate the spread of the COVID-19 virus, and the role of joint cooperation between the two countries in confronting the financial, economic, social and health repercussions of the pandemic. He emphasized the depth of the relations between the UAE and India, considering it a friend and an essential strategic partner. He stressed the importance of cooperation between the two countries in the fields of financial policy, macroeconomic, investment, FinTech, 5G technology, and Blockchain technology. Al Tayer said: "The Ministry of Finance believes in the importance of constant and open communication to friendly and brotherly countries, to share knowledge and coordinate joint efforts, especially in light of the unprecedented circumstances due to the COVID-19 virus. During the meeting, we were keen to review the UAE's pioneering and distinguished experience in facing the pandemic and dealing with its effects on various levels, while emphasizing the country's readiness to continue its development process in the post-pandemic phase." The meeting discussed the stimulus packages and financial measures taken by the governments of the UAE and India to support SMEs affected by the repercussions of the pandemic — which included providing financial facilities and discounts on fees and receivables for companies operating in various economic sectors. The two parties also stressed the importance of continuing and strengthening cooperation between them within an international organizational framework. Since the outbreak of the virus, the UAE's Ministry of Finance has taken the initiative to support international efforts to confront the repercussions of the pandemic and limit its economic and social impacts on countries around the world. During this period, the ministry was keen to strengthen effective communication channels with its partners from brotherly and friendly countries, with the aim of coordinating joint efforts in facing the unprecedented challenges and circumstances that impacted the whole world. — WAM
