- Trade between both countries reached an all-time high of $52.75 billion between 2022 and 2023
- The Ministry of Investment of Saudi Arabia is opening a country office in India
Saudi Arabia has signed an agreement with India to cooperate in the areas of electrical grid interconnection, green/clean hydrogen, and supply chains.
The agenda of this agreement is to make a general framework for co-operation between the parties in electrical interconnection and electricity exchange during peak times and emergencies
During Crown Prince Mohammed bin Salman’s visit to New Delhi for the G20 Summit and a state visit from September 9 to 11, Saudi Arabia and India inked an initial accord for energy collaboration. The two nations are set to work together on generating green/clean hydrogen and renewable energy and establishing dependable supply chains for materials essential in the hydrogen and renewable energy industries, as reported.
The agreement was signed by Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, and Raj Kumar Singh, India’s Minister of Power and New and Renewable Energy
To strengthen the economic ties, last month, Saudi Arabia and India signed over 50 agreements that cover different sectors, like information and communication technology, entrepreneurship, chemicals, energy, and advanced manufacturing.
Saudi Arabia has also announced plans to open a country office in India to streamline the process for Indian companies to invest in the kingdom.
The two sides also agreed to set up a task force to help identify and channel investments worth $100 billion in the West Coast refinery project in India’s western state of Maharashtra.
India is Saudi Arabia’s second-largest trading partner, amounting to 196.7 billion Saudi riyals ($52.45 billion) and recording an annual growth rate of 51 per cent.
Meanwhile, Saudi Arabia is India’s fourth-largest trading partner. In September, the kingdom’s Ministry of Investment said there are more than 3,000 Indian companies in Saudi Arabia with a foreign investment licence.
Trade between both countries reached an all-time high of $52.75 billion between 2022 and 2023.