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India and Saudi Arabia sign eight agreements during Crown Prince's State visit

Deals span energy, digitalisation, anti-corruption, investment, desalination, renewable energy sectors, enhancing bilateral ties

Reported by:  PTC News Desk  Edited by:  Jasleen Kaur -- September 11th 2023 06:17 PM -- Updated: September 11th 2023 06:30 PM
India and Saudi Arabia sign eight agreements during Crown Prince's State visit

India and Saudi Arabia sign eight agreements during Crown Prince's State visit

New Delhi, September 11: 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, said the Ministry of External Affairs on Monday.

Salman, widely recognized as MBS, arrived in India on Saturday and participated in the two-day G20 Summit during the weekend. After the G20 Summit concluded on Sunday, he embarked on his daylong state visit on Monday. MBS holds the position of de facto ruler in the Kingdom of Saudi Arabia and also carries the title of Prime Minister.

During his visit, MBS received a ceremonial welcome at Rashtrapati Bhavan, where both Prime Minister Modi and President Droupadi Murmu were present to welcome him.

Addressing a press briefing on the State visit of the Saudi Crown Prince, Secretary (CPV and OIA) Ausaf Sayeed said, “I am happy to share with you that during this visit as many as eight agreements have been signed.”

The agreements signed are in the field of energy, in the field of digitalisation and electronic manufacturing, and cooperation between India’s Central Vigilance Commission and Saudi Anti-corruption. There was an agreement between the two investment entities, India and Saudi counterparts Exim banks, Small and Medium Enterprises Banks and an agreement on desalination. An agreement was also signed on renewable energy.

“One is the field of energy which was signed by the Saudi Minister of Energy and our Minister of New and Renewable Energy,” said Sayeed.

“Then there was an agreement between the agreement in the field of digitalisation and electronic manufacturing between the IT ministries of both sides,” he said.

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

“And the fourth agreement was between the National Archives. Then there was an agreement between the two investment entities, that is Invest India on the Indian side and the Ministry of Investment on Saudi side,” said Sayeed.

“There was another agreement between the two EXIM banks and there was also another agreement between the Small and Medium Enterprises Bank banks of two sides, that is SIDBI and the SME Bank of Saudi Arabia,” the Secretary said, adding, “And the last one was in the field of Desalination.”

Over 20 Memoranda of Understanding were signed between India and Saudi Arabia companies, ranging from Information Technology, agriculture, pharmaceuticals, petrochemicals, and human resources, among other sectors.

"The Crown Prince congratulated India for a very successful G20 meeting with a lot of major outcomes in the meeting...The two sides expressed their happiness at the launching of the India-Middle East-Europe Corridor...PM also congratulated the Kingdom on becoming a full member of the BRICS...," said the MEA Secretary.

These MoUs were signed between private companies of both countries, including Serum Institute of India, HP, VFS Global, and ICICI Bank. The signing of the MoUs was facilitated by Invest India and Saudi Arabia’s investment ministry.

The signing of the agreements happened as Saudi Arabian Prime Minister and Crown Prince Mohammed bin Salman Al Saud began his State visit after having participated in the G20 Summit in New Delhi. The Saudi Crown Prince arrived in Delhi on a three-day visit on Saturday and stayed back after the G20 Summit for his state visit.

In a brief statement, Prince Mohammed bin Salman congratulated India for a successful G20 presidency.

"Well done India, a lot of announcements made that will benefit both our countries, the G20 countries and the whole world. So I want to say to India well done, and we will work to create a future for both countries" he said.

Earlier in the day, the Saudi Crown Prince was accorded a ceremonial reception at the forecourt of Rashtrapati Bhavan. The ceremonial welcome was followed by a bilateral between the Crown Prince and Prime Minister Narendra Modi at Hyderabad House.


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