Indian and Saudi Arabian companies sign over two dozen MoUs
India and Saudi Arabia have signed as many as eight agreements during the State visit of Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud.

According to information provided during a special media briefing by the Ministry of External Affairs (MEA) on Monday (September 11, 2023), these are:

1. An agreement in the field of energy which was signed by the Saudi Minister of Energy and India's Minister of New and Renewable Energy.

2. An agreement in the field of digitalisation and electronic manufacturing between the IT ministries of both sides.

3. An agreement between the Central Vigilance Commission of India and its counterpart the Saudi Oversight and Anti-Corruption Authority.

4. The fourth agreement was between the National Archives.

5. An agreement between the two investment entities, Invest India on the Indian side and the Ministry of Investment on Saudi side. 

6. An agreement between the Export-Import banks, or EXIM banks, of India and Saudi Arabia. 

7.  An agreement between the Small and Medium Enterprises Bank banks of two sides - SIDBI of India and the SME Bank of Saudi Arabia. 

8. India and Saudi Arabia also signed an agreement in the field of Desalination.

Additionally, over two dozen Memoranda of Understanding (MoUs) were signed between Indian and Saudi Arabian companies, ranging from Information Technology, agriculture, pharmaceuticals, petrochemicals, and human resources, among other sectors.


According to the Memorandum of Understanding on cooperation in the field of energy, signed by Union Minister for New & Renewable Energy and Power, Government of India R K Singh and Minister of Energy for the Kingdom of Saudi Arabia Abdulaziz bin Salman Al-Saud, India and Saudi Arabia will cooperate in the following areas:

1. Renewable Energy, Energy Efficiency, Hydrogen, Electricity and Grid Interconnection between the two countries, Petroleum, Natural Gas, Strategic Petroleum Reserves and Energy Security.

2. Encouraging bilateral investment in the field of Renewable Energy, Electricity, Hydrogen and Storage; and Oil & Gas.

3. Circular Economy and its technologies to reduce the effects of climate change, such as: carbon capture, utilization and storage.

4. Promoting digital transformation, innovation and cyber-security and artificial intelligence in the field of Energy.

5. Working on developing qualitative partnerships between the two countries to localize materials, products and services related to all sectors of energy, supply chains and its technologies.

6. Strengthening the cooperation with companies specialized in the field of energy.

7. Any other fields related to the energy field that the two countries agree upon.

The MoU will develop a stronger partnership between India and Saudi Arabia in the field of energy. The MoU will support India’s efforts for energy transition and transformation of global energy system towards combating climate change, India's Ministry of New and Renewable Energy said.