India and Saudi Arabia signed eight agreements, during the Crown Prince's state visit

According to the Ministry of External Affairs on Monday, eight agreements between India and Saudi Arabia were inked during Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud's state visit.


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 cover the areas of energy, digitization, and electronic manufacturing, as well as cooperation between Saudi Arabia's anti-corruption agency and India's Central Vigilance Commission.


There was an agreement between the two investment companies in India and Saudi equivalents Exim banks, SME banks, and a desalination agreement. 


Additionally, an agreement for renewable energy was signed.


"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 the 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 the 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."


Between Indian and Saudi Arabian businesses, more than 20 Memoranda of Understanding were inked. These agreements covered a variety of industries, including information technology, agriculture, pharmaceuticals, petrochemicals, and human resources.


Private companies from both nations, including Serum Institute of India, HP, VFS Global, and ICICI Bank, signed these MoUs. Invest India and the Saudi Arabian investment ministry helped facilitate the signing of the MoUs.

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