India and Saudi Arabia agreed to promote investments in each other’s country in the new and renewable energy sector.
On the 2nd day of his visit, Union Power & NRE Minister R.K. Singh held bilateral discussions with Saudi Minister of Investment Khalid Al-Falih.
Singh addressed a gathering of Saudi business personalities and investors and invited them to invest in India in the new and renewable energy sectors like solar energy, wind power, green hydrogen etc. All major business houses in Saudi Arabia including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, NextGen Infra participated in the meet.
INVEST India made a brief presentation on the power sector areas where Saudi Arabian business houses could potentially invest in India. Investment opportunities in India in areas like RE Generation projects, energy storage, electricity transmission and green hydrogen were highlighted during the Meet.
An MoU between India and Saudi Arabia in the fields of Electrical Interconnections, green hydrogen and supply chains was signed between Union Minister R.K. Singh and the Minister of Energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week in Riyadh on 08 October 2023.
This MoU aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak times and emergencies; co-development of projects; co-production of green hydrogen and renewable energy.
The Indo-Saudi partnership has strengthened considerably in recent years due to sustained engagements at various levels. The visit further consolidated the strategic partnership between the two countries and opened doors for joint collaborations and investments in new and renewable energy sectors.