Saudi Arabia and India have inked a pivotal bilateral agreement aimed at fortifying the investment climate within their respective domains, as confirmed by a high-ranking official during an ongoing investment summit in the bustling metropolis of New Delhi.
Speaking at the India-Saudi Investment Forum, a notable platform for economic diplomacy, Badr Al-Badr, the Deputy Minister of Investor Outreach at the Saudi Ministry of Investment, articulated, “The Ministry of Investment of Saudi Arabia and Invest India have consummated a bilateral agreement, charting the course for reinforced mutual investment pursuits, thus affording investors and traders the requisite reassurance to partake in expanded commercial activities.”
Al-Badr elucidated that this accord encompassed a substantial 47 memorandums of understanding, spanning engagements between private and public sector entities.
“Saudi Arabia and India are mutually complementary. Your demand constitutes our supply, and conversely, our demand aligns with your supply,” asserted Al-Badr.
He issued an impassioned call to Indian investors and entrepreneurs, imploring them to channel their investments towards the Kingdom.
“While Saudi Arabia has traditionally been renowned as a global heavyweight in conventional energy, it is imperative to recognise our significant transformation journey, steered by the visionary framework of Vision 2030,” noted the Deputy Minister.
Al-Badr continued, “Our Saudi enterprises stand as exemplary prospective partners, endowed with formidable capabilities, expansive capacities, profound knowledge, robust financial resources, and extensive experience. You shall ascertain that they are impeccable collaborators and solution providers.”
In further disclosure, the Deputy Minister expounded upon the burgeoning trade ties between Saudi Arabia and India, citing statistics that showcased the robust growth. Indian exports to Saudi Arabia surged to $10.7 billion in 2022, marking an astounding 85 percent escalation from the $5.6 billion recorded in 2018. Concurrently, Saudi exports to India witnessed a staggering 114 percent growth, soaring from $26 billion in 2018 to a notable $42 billion in 2022.
Remarkably, this export expansion occurred against the backdrop of daunting challenges such as the global pandemic, energy fluctuations, geopolitical unrest, food security predicaments, inflationary pressures, environmental concerns, and supply chain disruptions. Al-Badr lauded the resilience of the Saudi economy, which managed to diversify and prosper throughout these trying times.
The sentiment was reciprocated by the Indian delegation, which underscored the opportune moment to elevate this bilateral relationship into a formidable alliance of economic might.
Invest India CEO Nivruti Rai articulated, “The time is propitious, the moment is now. We have long recognised the potency and influence of Saudi Arabia, just as you have acknowledged India’s standing. We’ve transitioned from thinking with our minds alone to thinking with both our minds and hearts.”
Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade at the Ministry of Commerce and Industry, India, stressed the need for further exploration of investment opportunities between the two nations.
Singh commented, “Several Saudi companies have already ventured into the Indian solar energy sector, and we eagerly anticipate collaborative endeavours in burgeoning fields such as hydrogen energy.”
The India-Saudi Investment Forum, held in the heart of New Delhi, serves as an arena for delving into investment prospects encompassing information and communications technology, entrepreneurship, chemicals, energy, and advanced manufacturing sectors.
This momentous event unfolds in conjunction with the official state visit to India by Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman, who concurrently led the Saudi delegation at the G20 leaders’ summit, convened to address the globe’s shared challenges.
The India-Saudi Investment Forum follows a string of gatherings hosted by investment counterparts from various countries, including Italy, Japan, Brazil, and France.
Integral to these initiatives is Saudi Arabia’s overarching objective of luring foreign direct investments, aligned with its Vision 2030 and the National Investment Strategy, which collectively aspire to unlock a staggering $3 trillion in investment prospects.
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