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India and Saudi Arabia have agreed to advertise investments in one another’s nation within the new and renewable power sector. On the twond day of his go to yesterday, Union Energy & NRE Minister Shri. R.Okay. Singh held bilateral discussions with Saudi Minister of Funding H.E. Khalid Al-Falih. In a while, Shri Singh addressed a gathering of Saudi enterprise personalities and buyers and invited them to spend money on India within the new and renewable power sectors like photo voltaic power, wind energy, inexperienced hydrogen and so forth. All main enterprise homes in Saudi Arabia together with ACWA Energy, Alfanar, AWJ Power, Almajdouie, Abdulkarim, Aljomaih Power and Water Firm, Kanoo Industrial & Power, L&T, Nesma Renewable Power, Petromin, NextGen Infra participated within the meet.
INVEST India made a short presentation on the facility sector areas the place Saudi Arabian enterprise homes might probably spend money on India. Funding alternatives in India in areas like RE Era tasks, Power Storage, Electrical energy Transmission and Inexperienced Hydrogen had been highlighted through the Meet.
Shri R. Okay. Singh together with the delegation additionally visited the Sudair Photo voltaic Energy Plant in Riyadh. The plant is the most important Photo voltaic plant within the Kingdom and the work is executed by an Indian firm. Saudi-India Enterprise Council additionally hosted a dinner in honour of Hon’ble Minister.
On the 1st day of go to on October 08, the Union Energy & NRE Minister led the Indian delegation within the Excessive-Stage Phase of the Center East and North Africa (MENA) Local weather Week 2023, which is being held in Riyadh. Shri. R.Okay. Singh participated within the Excessive Stage Ministerial Panel on, “Advancing the Power Transition within the MENA area: Advancing inclusivity and circularity for simply and Equitable Power Transitions”, as a part of the MENA Local weather Week. Subsequently, he additionally addressed the gathering on the subject “GST Regional Dialogue: Riyadh Boulevard highlighting enablers and applied sciences for ambition and Metropolis inclusive transitions”. Throughout these addresses, the Union Minister touched upon multitude of urgent points, starting from local weather change, reasonably priced and dependable power in attaining our Sustainable Improvement Targets and raised a number of points in gentle of the upcoming COP28 in UAE.
An MoU between India and Saudi Arabia within the fields of Electrical Interconnections, Inexperienced / Clear Hydrogen and Provide Chains was signed between Union Minister for Energy and New & Renewable Power, Authorities of India, Shri R.Okay. Singh and the Minister of Power, Authorities of Saudi Arabia, Mr. Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Local weather Week in Riyadh on 08 October 2023. This MoU goals to determine a common framework for cooperation between the 2 international locations within the area {of electrical} interconnection; trade of electrical energy throughout peak instances and emergencies; co-development of tasks; co-production of inexperienced / clear hydrogen and renewable power; and likewise establishing safe, dependable and resilient provide chains of supplies utilized in inexperienced / clear hydrogen and the renewable power sector.
Subsequently, the Union Minister for Energy and New & Renewable Power had in-depth discussions on varied areas of mutual pursuits with Saudi Minister of Power HRH Prince Abdulaziz bin Salman. It was determined between the 2 power ministers that B2B Enterprise Summits and common B2B interactions between the 2 international locations will likely be performed to determine full provide and worth chains within the above-mentioned areas of power sector cooperation. Hon’ble Minister additionally met with Government Secretary, UNFCCC Mr. Simon Stielln the sidelines of MENA Local weather Week in Riyadh. They mentioned problems with mutual pursuits, specifically in gentle of upcoming COP28 in UAE.
The Indo-Saudi partnership has strengthened significantly lately attributable to sustained engagements at varied ranges. The go to additional consolidated the strategic partnership between the 2 international locations and opened doorways for joint collaborations and investments in new and renewable power sectors.
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