Attraction of Saudi project offers
A power pact Indian delegation is bidding for possible contracts and investment opportunities in the US$500 billion futuristic mega city Projects being developed in Saudi Arabia.
The delegation is being headed by Additional Secretary in the Ministry of External Affairs, Manoj Bharti. It is led by the Economic Diplomacy (ED) Division of Ministry of External Affairs and Trade Promotion Council of India (TPCI).
Industry representatives will interact with key decision makers of the Saudi Government and industry during the two days where the Saudis are presenting infrastructure projects as part of the Kingdom’s initiative to expand their economy through major structural changes by developing mega projects like NEOM, new roads and railroads, airports and sea ports, development of Qiddiya entertainment city and Red Sea Tourism Project.
With an aim to generate alternate sources of wealth and reduce dependence on oil-based economy, Gulf Cooperation Council (GCC) countries and Saudi Arabia in particular, are investing heavily in infrastructure development, noted a Public Information Bureau release on 26 Nov 2018.
The projects coming up in Saudi Arabia are part of ‘Vision 2030’, launched by the Kingdom in order to shift from an oil-based economy to an industrial manufacturing-based productive economy.
The Vision 2030 is expected to open up new opportunities for Indian companies and professionals in various sectors like railways, hospitality, tourism, airport, housing, IT and entertainment, said the release.
Saudi Arabian General Investment Authority has recently issued more than 400 licenses to Indian firms.
There is also scope for Indian companies to partner in the high speed 450-km railway line linking Mecca and Medina and construction of an airport in Jeddah.
Indian investments in Saudi Arabia is worth US$1.5 billion and Saudi Arabia has invested US$16 million in India.
Saudi Arabia is the fourth largest trading partner of India with bilateral trade exceeding US$25 billion in 2016-17. As India’s largest supplier of crude oil, Saudi Arabia accounts for about 20% of India’s total annual imports.
The 3.2 million strong Indian community is the largest expatriate group in Saudi Arabia and sends US$10 billion of annual remittances back to India. fiinews.com