India, Saudi Arabia Investment Forum to set up offices in both countries
11 Sep 2023
India and Saudi Arabia have decided to boost bilateral cooperation with a formal investment symposium between the two countries. The meeting of the India-Saudi Arabia Investment Forum 2023 in New Delhi witnessed the signing of 45 MoUs between the two sides besides the launch of an India-Saudi Arabia StartUp/Innovation Bridge.
This comes as a follow-up of to the announcement made previously by the Saudi Crown Prince to invest approximately $100 billion in diverse sectors of the Indian economy.
The meeting of the India-Saudi Arabia Investment Forum 2023 in New Delhi follows the Leaders’ Summit during the bilateral Strategic Partnership Council, India’s Department for Promotion of Industry and Internal Trade (DPIIT) and the Saudi ministry of investment on Monday.
The forum saw participation of more than 500 companies from India and Saudi Arabia. This is the first such formal investment symposium between India and Saudi Arabia.
The ministerial session of the India-Saudi Investment Forum 2023 was co-chaired by India’s minister of commerce and industry, consumer affairs, food and public distribution and textiles, Piyush Goyal and Saudi minister of investment Khalid Al Falih.
Jointly addressing the business gathering, the two ministers discussed, inter-alia, ways and means of expanding bilateral collaboration in various domains, including start-ups, digital infrastructure development, increasing collaboration between the business and investor ecosystems of the two countries, including through closer cooperation between the investment promotion agencies of the two countries and through setting up of investment promotion offices, encouragement of Saudi Sovereign Wealth Funds to consider direct investments into India in addition to the current inflow of investments through funds, and explore the possibility of joint projects.
Some of the other key outcomes of the ministerial discussion included concurrence on fast-tracked realisation of partnership opportunities identified under the Committee on Economy and Investments of the Strategic Partnership Council. The ministers also outlined potential investment collaborations in the domains of food processing, logistics and infrastructure, healthcare, energy (particularly renewable energy), skill development, space, ICT and start-ups (particularly in the digital domain).
DPIIT secretary Rajesh Kumar Singh highlighted the importance of bilateral relationships and emphasised the need for ensuring mutual growth by furthering economic and cultural relations between the two countries.
The forum also witnessed detailed presentations by Invest Saudi, Invest India, Economic Cities and Special Zones Authority of Saudi Arabia, GIFT City, IFSC (International Financial Services Centre), Saudi ministry of culture and the film commission, and National Center for Privatisation, showcasing the abundant investment opportunities, both in India and in Saudi Arabia.
Further, breakout sessions centered on discussions on potential bilateral collaboration in the domains of: ICT and Entrepreneurship; Chemicals & Fertilisers; Energy and Sustainability; Advanced Manufacturing; and Food Security. Businesses with expertise and interest in these sectors addressed the gathering to share their views on the potential for enhanced collaboration in the respective domains.
Earlier in the day, more than 45 MoUs were concluded between the two sides, in G2B and B2B formats. These MoUs are expected to further deepen the economic engagement between the two sides and are also likely to accelerate investment flows between the two sides.