• UGI USER
  • Sep 12, 2023
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India, Saudi Arabia inked 8 agreements.

Relevance:

  • GS Paper 2: 
  • Effect of Policies and Politics of Developed and Developing Countries on India’s interests, Indian Diaspora.
  • Bilateral, Regional, and Global Groupings and Agreements involving India and/or affecting India’s interests.
  • Tags: #upsc #MEA #MOU #indiasaudiarabia #energytransition.

Why in the news?

  • According to the Ministry of External Affairs, India and Saudi Arabia have signed almost eight agreements during the State visit of Crown Prince and Prime Minister-  Mohammed bin Salman bin Abdulaziz Al Saud.
  • Over two dozen Memoranda of Understanding were signed between India and Saudi Arabia companies, ranging from Information Technology, agriculture, pharmaceuticals, petrochemicals, human resources, etc.

 

The agreements signed are:

 

  • Promoting digital transformation, innovation and cyber-security and artificial intelligence in the field of Energy.
  • Encouraging bilateral investment in the field of Renewable Energy, Electricity, Hydrogen and Storage; and Oil & Gas.
  • Circular Economy and its technologies to reduce the effects of climate change, such as: carbon capture, utilization and storage.
  • Renewable Energy, Energy Efficiency, Hydrogen, Electricity and Grid Interconnection between the two countries, Petroleum, Natural Gas, Strategic Petroleum Reserves and Energy Security.
  • Working on developing qualitative partnerships between the two countries to localize materials, products and services related to all sectors of energy, supply chains and its technologies.
  • Strengthening the cooperation with companies specialized in the field of energy.
  • An agreement signed on desalination.
  • Any other fields related to the energy field that the two countries agree upon.

 

The MoU will develop a stronger partnership between India and Saudi Arabia in the field of energy. The MoU will support India’s efforts for energy transition and transformation of global energy system towards combating climate change.

 

Source: Business Standard.