Saudi Arabia and India have signed a bilateral agreement to preserve the investment landscape in both countries, said a senior minister at the ongoing Indian-Saudi Investment Forum in New Delhi, Arab News reported.
Speaking at the forum, Badr Al-Badr, the deputy minister of investor outreach at the Saudi Ministry of Investment, said: “The Ministry of Investment of Saudi Arabia and Invest India have signed a bilateral agreement to strengthen mutual investment endeavors, and give the comfort zone to investors and traders to do more business.”
The deputy minister further revealed that both nations signed 47 memorandums of understanding, including agreements between private and public sector undertakings.
“Saudi Arabia and India are the right fit for each other. Your demand is our supply, and our demand is your supply as well,” said Al-Badr.
Al-Badr further urged Indian investors and businessmen to invest in the Kingdom.
“You know Saudi Arabia as a long-term global superpower in traditional energy. But you now know that we developed into something much more than that. Our dynamic transformations have been created under the framework of Vision 2030,” said the deputy minister.
Echoing the sentiment, the Indian government felt the time was right to develop the bilateral relationship into an alliance of strength and economic power.
“The time is right, and the time is now. Forever, we knew the strength and power of Saudi Arabia, and you knew what India stood for. So far, we were thinking with our minds, and now, we are thinking with our minds and hearts,” said Invest India CEO Nivruti Rai at the event.
The ISIF in New Delhi seeks to explore investment opportunities across information and communications technology, entrepreneurship, chemicals, energy and advanced manufacturing sectors.
The event is taking place on the sidelines of the official state visit to India by Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman.
The crown prince also led the Saudi delegation for the G20 leaders’ summit this weekend to seek solutions to the world’s shared challenges.
The Indian-Saudi Investment Forum follows several events hosted by investment counterparts from countries such as Italy, Japan, Brazil and France.
The forum is part of initiatives designed to attract foreign direct investment to Saudi Arabia in line with its Vision 2030 and the National Investment Strategy, which seeks to unlock $3 trillion in investment opportunities.