Efforts being streamlined for $100bn investments in India
Saudi Arabia has reaffirmed continued cooperation in joint projects including the West coast refinery, LNG infrastructure investment and development of strategic petroleum storage facilities in India.
This was reaffirmed at the Ministerial meeting of the India-Saudi Arabia Strategic Partnership Council during Commerce and Industry Minister Piyush Goyal 18-19 Sept 2022 visit.
Goyal and Saudi Minister for Energy Abdulaziz bin Salman Al-Saud co-chaired the Ministerial meeting of the Committee on Economy and Investments of the India-Saudi Arabia Strategic Partnership Council.
The Strategic Partnership Council, instituted in October 2019, focuses on Political, Security, Social and Cultural Committee as well as the Committee on Economy and Investments.
The notable outcomes of the Ministerial Meeting are:
Streamlining efforts to realize the announcement made by Mohammad Bin Salman, during his visit to India in February 2019, of investments worth US$100 billion in India.
The meeting endorsed 41 areas of cooperation identified by the technical teams under the 4 broad domains of Agriculture & Food Security; Energy; Technology & IT; and Industry & Infrastructure.
It also agreed to undertake implementation of the priority projects in a time bound manner. Priority areas of cooperation include collaboration in digital Fintech sector through operationalization of UPI and Rupay Card in the Kingdom.
During the visit, Goyal discussed with Dr. Majid bin Abdullah Al-Kassabi, Minister of Commerce of Saudi Arabia, the entire gamut of bilateral trade, commerce and investments linkages.
Also discussed were diversification and expansion of trade and commerce, removal of trade barriers, including the outstanding issues related to sanitary and phytosanitary measures and trade remedies, automatic registration and marketing authorization of Indian pharma products in Saudi Arabia.
Among other trade improving avenues, the Ministers agreed to do a feasibility study of institutionalizing Rupee-Riyal trade, introduction of UPI and Rupay cards in Saudi Arabia.
“Had a fruitful meeting with Dr. Majid bin Abdullah Al-Kassabi, Minister of Commerce. Discussed ways to attract greater investment & further diversify bilateral trade to boost economic ties between India & Saudi Arabia,” Goyal tweeted after the meeting.
He also discussed a wide range of topics such as institutional tie-up of the EXIM banks of the two countries, joint projects in third countries, mutual recognition of standards, establishment of Startup and innovation bridge, strengthening collaboration in infrastructure development, particularly in the domains of construction, railways, industrial and manufacturing collaboration in Pharmaceuticals, Automobiles, Petrochemicals, Specialty chemicals, Technical textiles, mining and increasing project exports from India.
Goyal also participated in a CEO Roundtable with prominent businessmen in Saudi Arabia. Discussions focused on encouraging increasing exports from India, facilitating inward investments into India, innovative ways and means of deepening and broad basing bilateral economic linkages.
“Had an enriching interaction with CEOs of companies from different sectors in Saudi Arabia. Delighted to see their enthusiasm towards further strengthening trade & investment linkages between the two countries,” he tweeted about the interaction.
Goyal also interacted with Prince Abdulaziz bin Salman Al Saud, Minister of Energy.
“Discussed how energy security with climate change sensitivity can deliver economic growth & prosperity. Deliberated on stronger partnership in renewable energy between our two countries,” he tweeted about the meeting.
Minister Goyal also inaugurated “The India Week” in Riyadh as part of the ongoing efforts of Embassy of India to celebrate Indian products especially Food products like Millets, Textiles etc.
“Brand India shining bright in Saudi Arabia!” the Minister tweeted.
On his visit, the Minister was accompanied by a delegation comprising officials of the ranks of Additional Secretaries and Joint Secretaries from the Ministries of Agriculture, Commerce, Electronics and IT and from NITI Aayog. fiinews.com
