RIYADH — Minister of Energy, Industry and Mineral Resources Khalid Al-Falih signed on Wednesday several memoranda of understanding (MoUs) pertaining to Saudi Arabia’s joining of the International Solar Alliance (ISA), industrial and commercial projects in fertilizers, pharmaceuticals and medical supplies with the Indian side during the state visit of Crown Prince Muhammad Bin Salman to India.

These include a memorandum of understanding signed with the Indian Ministry of Finance on Saudi Arabia’s investment in India’s National Investment and Infrastructure Fund Limited (NIIFL); and an agreement on Saudi Arabia’s joining of International Solar Alliance (ISA). The minister signed a non-binding MoU between the Industrial groupings and Glenmark company on pharmaceutical industry. Another MoU was signed between the Middle East Healthcare Company and Indian Trifatron Company to localize the medical supplies industry.

Saudi Arabian Mining Company (Maaden) signed two memoranda of understanding to supply five million tons of phosphate fertilizers to the Indian market with IPL Company and KRIBHCO company worth $2 billion for a period of five years. — SG/SPA