Saudi Arabia and India signs MoUs on Energy and other fields

Indian Prime Minister Narendra Modi’s visit to Jeddah on Tuesday was an important one in building momentum and extending the two nation’s trust and reliability in commerce, trade and investments. During his short lived visit to the Kingdom, PM Modi met the Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman. 

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The two leaders have also been decisive about signing several Memorandums of Understanding (MoUs) during this visit in the fields of trade, energy, investment and more. India and Saudi Arabia agreed to boost the momentum of their agreement in the fields of energy sector from supplies of crude from the former nation to the latter to their derivative products such as LPG trade. 

Both India and Saudi Arabia also welcomed the expansion of the Saudi-Indian Strategic Partnership Council to four ministerial committees. The two sides also came in collaboration on reinforcing the importance of green or clean hydrogen, stimulating demand from expanding and exchanging experiences to implement best practices in developing hydrogen transportation. 

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The Indian side appreciated Saudi Arabia’s efforts and initiatives to encourage reconciliation among the Yemeni parties and affirmed their full support in lending help for international and regional efforts to attain a political solution in Yemen. 

In talks of diversifying their Bilateral trade, both sides expressed satisfaction at the steady and reliable growth in bilateral trade in recent years. India is the second largest trading partner for Saudi Arabia while Saudi Arabia is India’s fifth largest trading partner in 2023-2024. The Middle East nation and India have both shared their desire to complete their Bilateral Investment Treaty discussion at the earliest, reports ANI.