The India-Saudi Investment Forum saw the signing of over 50 Memoranda of Understanding (MoUs) and agreements, spanning various sectors, including ICT, entrepreneurship, chemicals, energy, and advanced manufacturing.
Key agreements include an MoU in energy between Al Jomaih Energy and Water and Avaada Energy Private Limited, aiming to collaborate on Solar, Wind, Hybrid, and Battery Energy Storage projects in the Middle East.
In addition, Petromin and HPCL agreed to establish Petromin Express service centres in HPCL-operated fuel stations across India.
An MoU for cooperation in energy technology was signed between Desert Technologies and Goldi Solar.
Another MoU in human resources was inked between ARCO and the Indian Personal Export Promotion Council, along with the Association of Overseas Recruiting Agents.
Alshalan Co also entered into an MoU in agribusiness to acquire stakes in D.D. International and AMDD Foods Ltd.
The Ministry of Investment of Saudi Arabia is establishing a country office in India to facilitate Indian investments in Saudi Arabia.
Moreover, both nations are working on an agreement to foster venture capital and funding for startups.
The forum was attended by Khalid Al-Falih, Minister of Investment of Saudi Arabia, HE Piyush Goyal, Minister of Commerce and Industry of India, and Nivruti Rai, Managing Director and CEO of Invest India.
The event featured presentations by Invest Saudi, the Global Supply Chain Resilience Initiative, the Economic Zones and Cities Authority, Invest India, and Gujarat International Finance Tec-City, among others.
The India–Saudi Investment Forum coincided with the G20 Leaders Meeting and HRH the Crown Prince Mohammed bin Salman’s official state visit.
The G20 Leaders Meeting saw the announcement of the India-Middle East-Europe Economic Corridor, a transformative collaboration involving the US, India, Saudi Arabia, UAE, France, Germany, Italy, and the EU.
Al-Falih expressed pride in the partnership between Saudi Arabia and India, acknowledging the role of visionary leadership in advancing the global south’s economic prominence.
Saudi Arabia-India economic relations
India and Saudi Arabia enjoy robust diplomatic and economic relations, with India ranking second in trade volume in 2022, amounting to SAR196.7 billion, marking a growth rate of 51.0 percent compared to 2021.
Saudi Arabia also hosts over 3,000 Indian firms with foreign investment licenses, solidifying their enduring partnership.
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