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Saudi Arabia and India take their Trade to a New Height: Dr S P Verma
Saudi Arabia and India have signed over 50 Memorandum of Association
(MOUs) and agreements at Investment Forum following G20 Summit 2023.
These landmark agreements cover ICT,
entrepreneurship, chemicals, energy, and advanced manufacturing sectors.
The Union Minister of
Commerce and Industry, Food and Public Distribution and Textiles, Piyush
Goyal while interacting with the Minister of Investment, Saudi Arabia, Khalid
A. Al-Falih at Indian- Saudi Investment Forum in New Delhi today said that
India and Saudi Arabia are the two fastest growing economies in the world
today and these were placed in the World Bank ranking in terms of Ease of Doing
Business Saudi Arabia at number 62 and India at number 63. However, the ranking
have been discontinued since 2020.
The Minister further said that now the trade between the two countries
could be doubled which stands at about $52 billion presently and can be taken
up at $200 billion. In this regard, the Union Minister invited the Saudi
investors to visit Gujarat International Finance-Tech City and thereafter,
bring investment.
He said that the investors would appreciate India’s regulatory mechanism
has been simplified. Also, there’s only one regulator for all regulations.
Besides, India has brought about tax rebates and made it seamless to move funds
in and out of the GIFT city.
Goyal suggested that the Federation of Indian Chambers of Commerce
& Industry (FICCI) along with the Government of India and Invest India may
open an office of Investment and Trade Promotion in Riyadh, Saudi Arabia. He
emphasized that the GoI officials along with representatives from FICCI will
encourage startups.
Goyal also talked about the opportunities wherein India may provide
food security to Saudi Arabia while energy, oil and fertilisers may be provided
to India, stressing on a balanced trade.
The Union Minister also talked about NEOM City and said that Saudi Arabia
government is setting it up at a cost of $0.5 trillion dollars and the very
concept of having 100% clean energy in the entire city designed in a manner to
be very user friendly using leveraging the huge landmass coastline.
*Dr SP Verma is the Business Editor of Radiance Media Group. He has over 4 decades of experience at senior levels in leading public and private companies, as well as in B-Schools. He was also Head of Indian Society for Training & Development.