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Saudi Arabia and India Forge 47 MoUs to Enhance Investment Environment
Saudi Arabia and India have inked a bilateral pact, sealing their commitment to enhancing the investment landscape within their respective territories. The announcement came during a high-profile gathering at the ongoing G-20 investment summit in New Delhi.
Addressing attendees at the India-Saudi Investment Forum in New Delhi, Badr Al-Badr, the deputy minister of investor outreach at the Saudi Ministry of Investment, shared, "The Ministry of Investment of Saudi Arabia and Invest India have cemented their partnership through a bilateral agreement, fortifying the foundation for collaborative investment ventures. This initiative instills confidence in investors and traders, encouraging them to explore greater business prospects."
Al-Badr also disclosed that the two nations had ratified a remarkable 47 memorandums of understanding, encompassing agreements between private and public sector entities.
Highlighting the synergy between the two nations, Al-Badr remarked, "Saudi Arabia and India complement each other seamlessly. What you demand, we supply, and vice versa."
In a compelling call to action, Al-Badr urged Indian investors and entrepreneurs to consider investing in the Kingdom. He emphasized the evolving landscape of Saudi Arabia, stating, "While Saudi Arabia has long been recognized as a global energy powerhouse, it has transformed into much more than that. Our dynamic evolution has been shaped by the Vision 2030 framework."
He continued, "Saudi companies offer tremendous potential as partners, boasting capabilities, scale, knowledge, financial robustness, and experience. You will find them to be invaluable allies and solution providers."
Al-Badr went on to highlight the impressive growth in trade ties between Saudi Arabia and India. Indian exports to Saudi Arabia surged to $10.7 billion in 2022, marking an 85 percent increase from the $5.6 billion recorded in 2018. Likewise, Saudi exports to India experienced a remarkable 114 percent growth over the same period, reaching $42 billion in 2022 compared to $26 billion in 2018.
Al-Badr underscored the significance of this export growth, achieved amidst a backdrop of challenges, including a global pandemic, energy market fluctuations, geopolitical unrest, food security concerns, inflationary pressures, environmental issues, and supply chain disruptions. Nevertheless, Saudi Arabia's economy displayed resilience and diversification over the past six and a half years.
The sentiment was echoed by the Indian delegation, emphasizing the opportune moment to strengthen the bilateral relationship, transforming it into a formidable alliance of economic prowess.
Nivruti Rai, CEO of Invest India, expressed, "The time is right, and the time is now. We have long recognized the strength and influence of Saudi Arabia, just as you have known India's potential. Until now, we have been guided by our intellect, but today, our hearts are fully aligned."
Rajesh Kumar Singh, secretary of the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, India, highlighted the potential for further collaboration between Saudi Arabia and India. He noted that several Saudi companies have already invested in India's solar energy sector and expressed eagerness to explore new avenues such as hydrogen energy.
The India-Saudi Investment Forum, convened in New Delhi, serves as a platform to explore investment opportunities across various sectors, including information and communications technology, entrepreneurship, chemicals, energy, and advanced manufacturing.
This event coincides with the official state visit of Saudi Arabia's Crown Prince and Prime Minister, Mohammed bin Salman, to India. The crown prince also led the Saudi delegation at the G20 leaders' summit, where global challenges and solutions were discussed.
The India-Saudi Investment Forum is part of a broader initiative aimed at attracting foreign direct investment to Saudi Arabia, aligning with the Vision 2030 framework and the National Investment Strategy, which seeks to unlock $3 trillion in investment opportunities.