According to an official statement released on Tuesday, Union Minister R K Singh has encouraged Saudi businessmen to participate in the local new and renewable energy sector.

The accuracy of the information may vary. Singapore received the most FDI in India in 2023, at $17.2 billion. Singapore received almost 30% of overall FDI inflows in 2023. 

Other top investor nations in 2023 are as follows: 

  • Mauritius ($6.13 billion) 
  • The United States ($6.04 billion)
  • The United Arab Emirates ($3.35 billion)
  • The Netherlands (2.49 billion dollars)

Other nations that received considerable FDI equity inflows were the United Kingdom, Japan, Cyprus, the Cayman Islands, and Germany. 

According to the Reserve Bank of India (RBI), the United States will be the leading provider of FDI in India in 2023. 60% of India’s inbound FDI came from the United States, Mauritius, the United Kingdom, and Singapore.

The minister requested the investment when speaking to a group of Saudi business leaders and investors in Saudi Arabia on Monday, according to the Ministry of New and Renewable Energy (MNRE).

India and Saudi Arabia have agreed to promote investments in each other’s country in the new and renewable energy sector. Singh has invited them (Saudi business personalities and investors) to invest in India in the new and renewable energy sectors like solar energy, wind power, green hydrogen, etc,” it said.

Earlier in the day, the Union Minister for Power, New and Renewable Energy met with H E Khalid Al-Falih, Saudi Minister of Investment.

According to the government, all significant Saudi business houses attended the meeting, including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, and NextGen Infra.

During the meeting, INVEST India gave a short presentation on the sectors of the electricity industry in which Saudi business houses may invest in India.

During the meeting, investment prospects in India were emphasized in sectors such as renewable energy production projects, energy storage, electricity transmission, and green hydrogen. INVEST India is India’s National Investment Promotion and Facilitation Agency, which assists investors seeking for investment possibilities and alternatives in the country.

On Sunday, India and Saudi Arabia signed a preliminary agreement to work on electrical interconnections, green/clean hydrogen, and supply chains.

The Memorandum of Understanding (MoU) intends to develop a broad framework for collaboration between the two nations in the areas of electrical connections and power exchange during peak periods and crises.