Deepening of India-Saudi Arabia relations with signing of more than 50 Memoranda of Understanding (MoUs)
With the signing of more than 50 Memoranda of Understanding (MoUs) and agreements, the India-Saudi Investment Forum, which brought together decision-makers, business executives, and innovators from both nations, has come to an end.
Signed Memoranda of Understanding (Mou's) in different areas
ICT, entrepreneurship, chemicals, energy, and sophisticated manufacturing were among the subjects of these historic accords. These consist of:
- A binding agreement between Petromin and HPCL to build Petromin Express service centre in HPCL-run fuel stations across India.
- A memorandum of understanding in the energy sector between Al Jomaih Energy and Water and Avaada Energy Private Limited for the EPC and joint development of solar, wind, hybrid, and battery energy storage solutions projects in the Middle East.
- An agreement in the field of human resources between the Association of Overseas Recruiting Agents and the ARCO Indian Personal Export Promotion Council.
- An agreement in agriculture between D.D. and Alshalan Co. For the former, both businesses will see investments from International and AMDD Foods Ltd.
HE Piyush Goyal, Minister of Commerce and Industry of India, HE Khalid Al-Falih, Minister of Investment of Saudi Arabia, and Nivruti Rai, Managing Director and CEO of Invest India attended the India-Saudi Investment Forum. Invest Saudi, the Global Supply Chain Resilience Initiative, the Economic Zones and Cities Authority, Invest India, and Gujarat International Finance Tec-City, among others, gave presentations in addition to signing MoUs.
Following the G20 Leaders Meeting and concurrent with HRH the Crown Prince Mohammed bin Salman's official state visit, the India-Saudi Investment Forum was held.
Saudi Arabia's Minister of Investment, Khalid Al-Falih, stated: We are honoured to cooperate with India and want to be recognised as a part of this big success. Many things in Saudi Arabia and India are a blessing to us. Two of the most energising, successful, and forward-thinking leaders in the world are, in my opinion, one of our greatest blessings. It's because we realised that the global economy's centre of gravity has already shifted to the developing world.
Saudi Arabia granted foreign investment licences to more than 3,000 Indian businesses
Deep diplomatic and commercial connections exist between Saudi Arabia and India. The India-Saudi investment forum is a continuation of a partnership that was highlighted by visits by the Indian Prime Minister to the Kingdom in 2016 and 2019 as well as by HRH the Crown Prince to India in 2019.
India comes second in terms of trade volume with Saudi Arabia in 2022, totaling SAR 196.7 billion and registering a growth rate of 51.0% compared to 2021. Additionally, Saudi Arabia has granted foreign investment licences to more than 3,000 Indian businesses.
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