India, Saudi Arabia Eye Further Investment, Trade Ties
The Indian and Saudi Arabian governments are looking to further boost investment and trade ties between the two countries.
India’s Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Rajesh Singh, said that there is “huge scope” for Saudi Arabian companies to invest in India in sectors such as aviation, pharma, bulk drugs, renewable energy, food processing, and agri-tech.
He also said that the two countries could collaborate in areas such as artificial intelligence, robotics, cyber security, automation, and space.
Saudi Arabia’s Deputy Minister of Investors Outreach, Ministry of Investment, Badr AlBadr, said that the two countries have signed a bilateral agreement to strengthen investment ties.
He said that the agreement would “give a comfort zone to investors and traders to do more and more business.”
The two countries have also signed 47 memorandums of understanding (MoUs) and agreements, both business-to-business (B2B) and business-to-government (B2G).
The MoUs cover a wide range of areas, including energy, infrastructure, healthcare, and tourism.
The increased investment and trade ties between India and Saudi Arabia are a positive development for both countries. It will help to boost economic growth and create jobs in both countries.
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