Bhatt discuss defence collaboration in Riyadh
The defence sector has so far secured Rs.5,077 crore worth of Foreign Direct Investment (FDI), Minister of State for Defence Ajay Bhatt said in a written reply to Lok Sabha on 9 Feb 2024.
Further, the Government promotes co-development and co-production of niche defence technologies with Foreign Original Equipment Manufacturers (OEMs) to encourage FDI in the defence sector, he added.
He pointed out that FDI limit in defence sector was enhanced in 2020 up to 74% through the Automatic Route for companies seeking new defence industrial license, and up to 100% through the Government Route wherever it is likely to result in access to modern technology.
Meanwhile, Bhatt has discussed bilateral defence cooperation and avenues for further collaboration during his visit to the World Defence Show 2024 in Riyadh.
He visited to the Saudi Arabian Military Industry – Advanced Electronics Company (SAMI-AEC) headquarters in Riyadh. Both sides engaged in insightful discussions on strengthening the defence ties and future collaboration.
He also visited the General Authority for Defence Development (GADD) and King Abdulaziz City for Science and Technology (KACST). Fiinews.com
