India-Saudi Arabia conclude 45+ MoU in G2B and B2B formats
The Indian and Saudi Ministers are encouraging Saudi Sovereign Wealth Funds to consider direct investments into India and consider possibility of joint projects in addition to the current inflow of investments through funds from the Kingdom.
This was part of the lengthy discussions at the Ministerial Session of the India-Saudi Investment Forum 2023, co-chaired by Commerce & Industry Minister Piyush Goyal and the Saudi Investment Minister Khalid A. Al Falih on 12 Sept in New Delhi.
The session was held on the sidelines of the State Visit of the Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud to India to participate in the Leaders’ Summit of the bilateral Strategic Partnership Council. The forum was organized by the Department for Promotion of Industry and Internal Trade and the Saudi Investment Ministry.
The Saudi Crown Prince had previously announced an investment of approximately US$100 billion in diverse sectors of the Indian economy.
The Forum witnessed the attendance of more than 500 companies from India and Saudi Arabia. This is the first such formal investment symposium between India and Saudi Arabia.
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.
Some of the other key outcomes during the Ministerial discussion included concurrence on fast-tracked realization 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, start-ups particularly in the digital domain.
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 Privatization, Saudi Arabia, showcasing the abundant Investment Opportunities, both in India and in Saudi Arabia.
Further, breakout sessions were conducted with the discussion centred on potential bilateral collaboration in the domains of: ICT & Entrepreneurship; Chemicals & Fertilizers; Energy & Sustainability; Advanced manufacturing; and Food security. Concerned businesses from both sides with expertise and interest in these sectors addressed the gathering to share their views on the potential for enhanced collaboration in these respective domains.
Earlier in the day, more than 45 Memorandum of Understanding (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. Fiinews.com
