India-Saudi Arabia Sign 47 MoUs Across Five Sectors

During an investment conference in New Delhi, senior officials from Saudi Arabia and India affirmed their commitment to strengthening the investment climate in both nations. 

Badr Al-Badr, the Deputy Minister of Investor Outreach at the Saudi Ministry of Investment made the announcement at the India-Saudi Investment Forum. He focused on a bilateral agreement signed between the Saudi Ministry of Investment and Invest India, aimed at enhancing mutual investment initiatives and providing a conducive environment for investors and traders.

Al-Badr further disclosed that the two countries have signed 47 memoranda of understanding, encompassing agreements between private and public sector entities. He emphasised the compatibility of Saudi Arabia and India as trading partners, stressing that their demands align with each other, creating opportunities for expanded business activities.

The Deputy Minister encouraged Indian investors and businessmen to consider investment opportunities in Saudi Arabia, shedding light on the Kingdom's dynamic transformation under the framework of Vision 2030. He emphasised that Saudi companies possess the capabilities, capacities, knowledge, financial strength, and experience to be excellent partners and solution providers.

Trade relations between Saudi Arabia and India have been robust over the years, with Indian exports to Saudi Arabia increasing significantly. In 2022, Indian exports reached $10.7 billion, marking an 85 per cent increase from $5.6 billion in 2018. Additionally, Saudi exports to India surged by 114 per cent, reaching $42 billion in 2022 compared to $26 billion in 2018. Al-Badr noted that this export growth occurred despite various challenges, including the pandemic, energy shocks, geopolitical shifts, and supply chain issues.

The Indian delegation echoed the sentiment of strengthening bilateral relations and developing an alliance of strength and economic power. They highlighted the potential for collaboration, particularly in emerging sectors like hydrogen energy.

The India-Saudi Investment Forum in New Delhi focused on exploring investment opportunities in sectors such as information and communications technology, entrepreneurship, chemicals, energy, and advanced manufacturing. The event coincides with the official state visit of Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman to India, and it follows similar events hosted by investment counterparts from other countries like Italy, Japan, Brazil, and France. This forum aligns with Saudi Arabia's Vision 2030 and the National Investment Strategy, aimed at unlocking £3 trillion in investment opportunities.