इंडियन आवाज़     20 May 2024 03:20:37      انڈین آواز

India-Saudi Arabia sign MoU in field of energy, digitalization, investment

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Staff Reporter / NEW DELHI

India and Saudi Arabia on Monday signed a memorandum of understanding (MoU) on energy cooperation, encompassing renewable energy, energy efficiency, hydrogen, electricity, and grid interconnection. The agreement also extends to sectors like petroleum, natural gas, strategic petroleum reserves, and energy security.

The MoU was signed by India’s Minister for Power and New and Renewable Energy, RK Singh, and the Minister of Energy for the Kingdom of Saudi Arabia, Abdulaziz bin Salman Al Saud.

The two nations also agreed to promote digital transformation, innovation in cybersecurity, and artificial intelligence in the energy sector. They plan to develop partnerships to localize materials, products, and services across all energy sectors, supply chains, and technologies.

India has pledged to infuse $25 million and be an anchor investor in the International Solar Alliance’s Global Solar Facility, which would help the private sector invest in solar projects in Africa.

EARLIER Prime Minister Narendra Modi today held bilateral and delegation level talks with Crown Prince and Prime Minister of Saudi Arabia Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud in New Delhi. The two leaders reviewed the various facets of bilateral ties and discussed ways to further unlock the potential of the India-Saudi Arabia Strategic Partnership.

Speaking during the meeting, Mr Modi said, India-Saudi Arabia partnership crucial for stability, welfare of region and world. He said, Saudi Arabia is important for India. Mr Modi again thanked the Crown Prince for his contribution in the success of G20 Summit. He said, yesterday, decision has been taken to start a historic economic corridor between India, West Asia and Europe. The Prime Minister said, this corridor will not only connect two countries but also help in providing economic growth and digital connectivity between Asia, West Asia and Europe. Mr Modi said, under the leadership of Crown Prince and vision 2030, Saudi Arabia has seen tremendous economic growth.

The Crown Prince of Saudi Arabia said said, there was no disagreement at all during the history of  India-Saudi Arabia relationship but there is cooperation to build the future of the countries and create opportunities. He said, today both nations are working on future opportunities. He congratulated Mr Modi on the management of the G-20 Summit and the initiatives achieved, including the Economic Corridor linking the Middle East, India and Europe.

Co-chairing the first Meeting of the India-Saudi Arabia Strategic Partnership Council SPC, Prime Minister Narendra Modi said, for India, Saudi Arabia is one of its most important strategic partners. He said, as two large and fast-growing economies of the world, the mutual cooperation is important for peace and stability in the entire region. Mr Modi said, in the talks, both nations have identified several initiatives to take the partnership to the next level. He said, today’s talks will provide new energy and direction to thr relations. This will provide us inspiration to work together for the welfare of humanity.

After the meeting of Prime Minister Narendra Modi and the Crown Prince, there was signing of minutes of first meeting of India-Saudi Strategic Partnership Council. Both leaders signed the minutes.

The Crown Prince is on a three day state visit to India. He arrived in New Delhi on Saturday to attend the 18th G20 summit. Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud was accorded ceremonial welcome at the forecourt of Rashtrapati Bhavan this morning. President Droupadi Murmu and Prime Minister Narendra Modi welcomed the Crown Prince of Saudi Arabia.The Crown Prince and Prime Minister of Saudi Arabia will meet President Droupadi Murmu this evening at Rashtrapati Bhavan.

India and Saudi Arabia enjoy cordial and friendly relations reflecting the centuries-old economic and socio-cultural ties. India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India’s fourth largest trading partner. During Financial Year 2022-23 bilateral trade was valued at over 52 billion dollars. Saudi direct investments in India amount to over three billion dollars. Energy cooperation forms a central pillar of the Indo-Saudi bilateral ties. Saudi Arabia is a key partner for India for ensuring energy security. It remained India’s third-largest Crude and Petroleum products sourcing destination for Financial Year 2022-23. 

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