New Delhi, September 12: Both countries have resolved to open investment promotion offices in their respective countries as part of the India-Saudi Arabia Investment Forum 2023.
According to sources in the commerce ministry, this would encourage Saudi sovereign wealth funds to explore direct investments into India in addition to the present influx of capital via funds and the potential for cooperative ventures.
Over 500 firms from Saudi Arabia and India attended the investment summit that was held on Monday.
The Saudi crown prince Mohammed bin Salman bin Abdulaziz Al Saud had earlier announced that this was the first official investment symposium between India and Saudi Arabia.
to put almost $100 billion into the Indian economy’s various sectors.
In conjunction with the Saudi Crown Prince’s official visit to India, the symposium was arranged by the Saudi Investment and Commerce Ministries.
During the forum, the two ministers discussed ways to increase bilateral cooperation in a variety of areas, such as startups, the development of digital infrastructure, and increasing cooperation between the two countries’ business and investor ecosystems, including through closer coordination between their respective investment promotion agencies.Additionally, the ministers described prospective investment partnerships in the fields of food processing, logistics and infrastructure, healthcare, energy, especially renewable energy, skill development, space, ICT, and startups, notably in the digital sector.
During the event, 45 MoUs were signed by the two countries to increase bilateral investments.