The India-Saudi Investment Forum signed over 50 memoranda of understanding (MoUs) and agreements, according to the Saudi Ministry of Investment.

These agreements include ICT, entrepreneurship, chemicals, energy and advanced manufacturing sectors.

Some of the major agreements are:

• An MoU in energy between Al Jomaih Energy and Water and Avaada Energy Private Limited, in collaboration for EPC and co-development of solar, wind, hybrid and battery energy storage solutions projects in the Middle East

• An agreement between Petromin and HPCL to set up Petromin Express service centers in HPCL-operated fuel stations throughout India

• An MoU to cooperate in energy technology between Desert Technologies and Goldi Solar

•An MoU in agribusiness between Alshalan Co and D.D. International and AMDD Foods Ltd, for the former to acquire a stake in both companies.

India's trade volume with Saudi Arabia in 2022 reached 196.7 billion Saudi riyals, rising 51 percent compared to 2021. There are more than 3,000 Indian firms with a foreign investment license in Saudi Arabia.

(Writing by D Madhura; Editing by Anoop Menon)


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