During the State Visit of Saudi Arabia’s Crown Prince and Prime Minister, His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, to India for the Leaders’ Summit of the bilateral Strategic Partnership Council, an India-Saudi Arabia Investment Forum 2023 was jointly organized by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry of India, and the Saudi Ministry of Investment in New Delhi.
The Forum, a significant gathering, featured over 500 companies from both India and Saudi Arabia. This event marked the first formal investment symposium between the two countries and followed the Saudi Crown Prince’s commitment to invest approximately $100 billion in various sectors of the Indian economy.
The Ministerial Session of the India-Saudi Investment Forum 2023 was co-chaired by India’s Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Shri Piyush Goyal, and Saudi Arabia’s Minister of Investment, H.E. Mr. Khalid A. Al Falih. The ministers discussed various areas of bilateral collaboration, including start-ups, digital infrastructure development, closer cooperation between the business and investor ecosystems, investment promotion agencies’ cooperation, and the establishment of investment promotion offices.
Key outcomes of the Ministerial discussion included expediting partnership opportunities identified under the Committee on Economy and Investments of the Strategic Partnership Council. The ministers also highlighted potential investment collaborations in food processing, logistics, healthcare, renewable energy, skill development, space, ICT, and start-ups, especially in the digital domain.
In his welcome remarks at The Forum, Secretary of the Department for Promotion of Industry and Internal Trade, Shri Rajesh Kumar Singh, emphasized the significance of bilateral relations and mutual growth through economic and cultural ties.
The Forum featured detailed presentations from various entities showcasing investment opportunities in both India and Saudi Arabia. Breakout sessions focused on potential bilateral collaboration in ICT & Entrepreneurship, Chemicals & Fertilizers, Energy & Sustainability, Advanced manufacturing, and Food security. More than 45 Memorandums of Understanding (MoUs) were also signed during the visit, aiming to strengthen economic engagement and accelerate investment flows between the two countries.