Goyal calls on FICCI-Invest India to open office in Riyadh
Indian and Saudi Arabian trade could be taken up to US$200 billion from about US$52 billion at present, said Commerce and Industry Minister Piyush Goyal while interacting with the Saudi Investment Minister Khalid A. Al-Falih on 11 Sept 2023.
He has also invited the Saudi businesses to invest in the Gujarat International Finance-Tech City, adding that investors would appreciate as 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, he informed the Saudi Minister.
Goyal suggested opening of an office for Investment and Trade Promotion in Riyadh by the Federation of Indian Chambers of Commerce & Industry (FICCI), along with the Indian Government and Invest India.
He also highlighted business opportunities wherein India may provide food security to Saudi Arabia while importing energy, oil and fertilisers from the Kingdom. This would help in balancing trade.
The Minister noted Saudi’s US$500 billion NEOM City 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.
“I think that’s an area where India could contribute significantly,” said Goyal, highlighting that India may be helpful in areas like designing, construction, manning and developing business around.
He called on the Saudi corporate world to accelerate investments in India. Last year, Saudi FDI into India was just about US$4 billion, up from US$2.8 billion during COVID period.
Saudi investments into India’s processing industry can be a great driver of agriculture and food security, according to Goyal.
The Pharma sector has immense potential. A greater understanding between the regulatory authorities of Saudi Arabia and India may help the Indian Pharma industries, he said.
Those living in Saudi should have easier access to Indian medicines which will also encourage Indian Pharma companies to invest in Saudi Arabia, said Goyal.
He also pointed out that India’s top five listed companies have given a 20% CAGR return on investment for 20 years. Fiinews.com