India and Saudi Arabia take steps to expand investment

India and Saudi Arabia have agreed to set up investment promotion offices in the two countries to enhance cooperation in various sectors, said officials.

The decision was taken at a business forum of the two countries on the occasion of Saudi Prime Minister Mohammed bin Salman Al Saud's state visit to India to attend the leaders' summit of the bilateral Strategic Partnership Council.

The event, organised by the Department of Industrial Promotion and Domestic Trade, India's Ministry of Commerce and Industry and Saudi Arabia's Ministry of Investment and attended by over 500 Indian and Saudi companies, was the first official jointly organised investment symposium between the two countries.

The business meeting was held in continuation of the Saudi guest's announcement of his intention to invest around $100 billion in various sectors of the Indian economy.

The forum also discussed ways to enhance cooperation among emerging companies, develop digital infrastructure and expand business co-operation, as well as encourage direct investment in India and the possibility of new joint projects.

During the ministerial discussions, agreements were reached on the implementation of initiatives identified under the Economic and Investment Committee of the Strategic Partnership Council.

Possible areas of investment co-operation were also outlined in the areas of food processing, logistics and infrastructure, healthcare, energy, particularly renewable energy, skills development, space, ICT and start-ups.

At a pre-forum event, over 45 memorandums of understanding were signed between India and Saudi Arabia, which are expected to further deepen economic engagement and accelerate investment flows between the two countries, as reported by Prensa Latina, a partner of TV BRICS.