Indian Economy News

India and Saudi Arabia Invest Forum met in New Delhi and decided to set up offices in both countries

The Department for Promotion of Industry and Internal Trade, under the Ministry of Commerce and Industry of India, and the Saudi Ministry of Investment organised the India-Saudi Arabia Investment Forum 2023 ("The Forum") in New Delhi on September 11, 2023, on the sidelines of the State Visit of the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, His Royal Highness Mr. Mohammed bin Salman bin Abdulaziz Al Saud, to India to participate in the Leaders' Summit of the bilateral Strategic Partnership Council.

At the Forum, more than 500 companies from Saudi Arabia and India were present. This is the first formal investment symposium between Saudi Arabia and India, and it follows the Saudi Crown Prince's prior commitment to investing about $100 billion in various sectors of the Indian economy,

The Minister of Investment for the Kingdom of Saudi Arabia, H.E. Mr. Khalid A. Al Falih, and the Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Mr. Piyush Goyal, co-chaired the Ministerial Session of the India-Saudi Investment Forum 2023.

Speaking jointly to the business gathering, the two Ministers covered a range of topics, including ways to expand bilateral collaboration in a variety of areas, such as start-ups, the development of digital infrastructure, boosting cooperation 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 the establishment of investment promotion offices, and the encouragement of Saudi Sovereign Wealth Funds to consider direct investments in India, along with the current inflow of investments through funds, and the possibility of joint projects.

Consensus on the expedited realisation of partnership opportunities identified by the Committee on Economy and Investments of the Strategic Partnership Council were some of the important conclusions from the Ministerial discussion. Additionally, the Ministers outlined possible investment partnerships in the fields of food processing, logistics and infrastructure, healthcare, energy (particularly renewable energy), skill development, space, ICT (Information and Communications Technology), and start-ups, particularly in the digital sector.

Invest Saudi, Invest India, the Economic Cities and Special Zones Authority of Saudi Arabia, GIFT City, the International Financial Services Centre, the Saudi Ministry of Culture and the Film Commission, and the National Centre for Privatisation, Saudi Arabia, all gave detailed presentations at the forum, showcasing the numerous investment opportunities in both India and Saudi Arabia.

In addition, breakout discussions were conducted which focused on potential bilateral collaboration in the following areas: ICT and entrepreneurship, chemicals and fertilisers, energy and sustainability, advanced manufacturing, and food security. More than 45 Memorandums of Understanding (MoUs), in both G2B and B2B formats, were signed earlier in the day by the two sides. These MoUs are anticipated to further expand economic cooperation between the two countries and to accelerate investment flows.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.