New Delhi:The Minister of Investment for Saudi Arabia led a distinguished delegation to the Indian-Saudi Investment Forum held in New Delhi, India.
This significant forum culminated in the signing of more than 50 Memoranda of Understanding (MoUs) spanning diverse sectors such as ICT, entrepreneurship, chemicals, energy, and advanced manufacturing.
The event coincided with a state visit to India by HRH Crown Prince Mohammed bin Salman, following the G20 Leaders Meeting where the India-Middle East-Europe Economic Corridor was unveiled.
The India-Saudi Investment Forum served as a platform for policymakers, business leaders, and innovators from both nations to converge and engage in fruitful discussions, ultimately resulting in the signing of these landmark agreements.
Some of the noteworthy agreements include:
– An MoU in the energy sector between Al Jomaih Energy and Water and Avaada Energy Private Limited, focusing on the collaborative development of Solar, Wind, Hybrid, and Battery Energy Storage projects in the Middle East.
– A definitive agreement aiming to establish Petromin Express service centers in HPCL-operated fuel stations throughout India, inked between Petromin and HPCL.
– An MoU for energy technology cooperation between Desert Technologies and Goldi Solar.
– An MoU in human resources between ARCO Indian Personal Export Promotion Council and the Association of Overseas Recruiting Agents.
– An MoU in agribusiness between Alshalan Co and D.D. International and AMDD Foods Ltd, involving the acquisition of stakes in both companies.
The India-Saudi Investment Forum was graced by the presence of notable figures including HE Khalid Al-Falih, Minister of Investment of Saudi Arabia, HE Piyush Goyal, Minister of Commerce and Industry of India, and Nivruti Rai, Managing Director and CEO of Invest India. The event featured enlightening presentations by various entities, including Invest Saudi, the Global Supply Chain Resilience Initiative, the Economic Zones and Cities Authority, Invest India, and Gujarat International Finance Tec-City, among others.
This forum unfolded subsequent to the G20 Leaders Meeting and during the official state visit by HRH Crown Prince Mohammed bin Salman.
At the G20 Leaders Meeting, the India-Middle East-Europe Economic Corridor was announced, signifying a transformative collaborative initiative involving the US, India, Saudi Arabia, UAE, France, Germany, Italy, and the EU, aimed at bolstering regional investment.
Khalid Al-Falih, Minister of Investment of Saudi Arabia, expressed his pride in this partnership and the visionary leadership of both nations, recognizing the growing prominence of the global economy’s center of gravity shifting to the global south.
India and Saudi Arabia share robust diplomatic and economic relations, underlined by reciprocal visits of the Indian Prime Minister to the Kingdom in 2016 and 2019 and HRH the Crown Prince’s visit to India in 2019. In terms of trade, India ranked second in trade volume with Saudi Arabia in 2022, totaling SAR 196.7 billion and reflecting a remarkable growth rate of 51.0% compared to 2021. Furthermore, there are over 3,000 Indian firms holding foreign investment licenses in Saudi Arabia, emphasizing the depth of their economic engagement.
