India and Saudi Arabia have reached an agreement to promote investments in each other’s countries. The announcement came on the second day of Union Power & New and Renewable Energy (NRE) Minister, Shri. R.K. Singh’s visit to Saudi Arabia. A press release to this effect was issued on 10th October, 2023.
The Minister has held bilateral discussions with Saudi Minister of Investment H.E. Khalid Al-Falih, fostering a promising partnership in the energy sector. Following the discussions, the Union Power & New and Renewable Energy (NRE) Minister addressed a gathering of prominent Saudi business personalities and investors, extending an invitation for them to invest in India’s new and renewable energy sectors, encompassing solar energy, wind power, green hydrogen, and more.
The event saw the participation of major Saudi business entities, including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, and NextGen Infra. INVEST India presented an overview of investment opportunities in India, focusing on areas such as renewable energy generation projects, energy storage, electricity transmission, and green hydrogen.
The Minister and his delegation visited the Sudair Solar Power Plant in Riyadh, the largest solar plant in the Kingdom, executed by an Indian company. The Saudi-India Business Council also hosted a dinner in honor of the distinguished minister.
During his visit on the first day, the Minister led the Indian delegation in the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023, held in Riyadh. He participated in the High-Level Ministerial Panel on “Advancing the Energy Transition in the MENA region” and addressed the gathering on the “GST Regional Dialogue,” touching on climate change, sustainable energy goals, and various pressing issues in preparation for COP28 in the UAE.
A memorandum of understanding (MoU) was signed between India and Saudi Arabia during the MENA Climate Week in Riyadh on October 8, 2023. The MoU covers Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains. It aims to establish a framework for cooperation in electrical interconnection, electricity exchange during peak times and emergencies, co-development of projects, co-production of green/clean hydrogen and renewable energy, and the establishment of secure, reliable, and resilient supply chains for materials used in the green/clean hydrogen and renewable energy sector.
Furthermore, the two energy ministers, Shri. R.K. Singh and HRH Prince Abdulaziz bin Salman, have decided to conduct B2B Business Summits and regular interactions to establish complete supply and value chains in the energy sector.
Minister Singh also met with the Executive Secretary of UNFCCC, Mr. Simon Stiell, to discuss mutual interests, particularly in anticipation of COP28 in the UAE.
