India, Saudi Arabia to promote investment in new & renewable energy
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India and Saudi Arabia have decided to promote investments in each other’s country in the new and renewable energy sector. A Memorandum of Understanding (MoU) between India and Saudi Arabia in the fields of Electrical Interconnections, Green / Clean Hydrogen and Supply Chains was signed.
This MoU aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak times and emergencies; co-development of projects; co-production of green / clean hydrogen and renewable energy; and also establishing secure, reliable and resilient supply chains of materials used in green / clean hydrogen and the renewable energy sector.
Meanwhile, the Indo-Saudi partnership has strengthened considerably in recent years due to sustained engagements at various levels. The visit further consolidated the strategic partnership between the two countries and opened doors for joint collaborations and investments in new and renewable energy sectors
