Riyadh, October 25, 2023, In a noteworthy development, the Federation of Saudi Chambers (FSC) convened a Saudi-Indian roundtable meeting today, shedding light on the promising investment avenues within the Kingdom. This pivotal gathering witnessed the participation of esteemed figures, including Indian Minister of Commerce and Industry, Piyush Goyal, FSC Chairman Hassan Alhwaizy, Indian Ambassador to Saudi Arabia Suhel Ajaz Khan, and more than a hundred representatives from both Saudi and Indian enterprises. The event delved into the exploration of investment possibilities for Indian stakeholders across sectors delineated in the Kingdom's Vision 2030. It also served as a platform to dissect the economic trends and progressions in India, as well as the enticing prospects accessible to Saudi entrepreneurs within the Indian landscape.
Minister Goyal, during his address, emphasized the historic significance of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz's visit to India, which yielded monumental outcomes for Saudi-Indian relations. He underscored India's unique standing as an economic and investment haven for foreign investors, boasting an expansive market with a population surpassing 1.4 billion people. Goyal also shared India's ambitious economic vision, targeting an impressive $2 trillion in annual exports.
Furthermore, Goyal articulated how the alignment of the Kingdom's Vision 2030 and the India-Middle East-Europe Economic Corridor (IMEEC) holds the potential to escalate international trade and cooperation while significantly augmenting the volume of investments between the two nations. He also highlighted the keen interest of Indian companies in penetrating the Saudi market.
Chairman Alhwaizy celebrated the enduring 75-year economic partnership between India and the Kingdom, underscoring the Kingdom's pivotal role as India's fourth-largest trading partner and second-largest energy supplier. Their trade volume reached SAR 196 billion in 2022, marking a remarkable 51% increase. Alhwaizy also expressed his gratitude for the diligent efforts of the Saudi-Indian Strategic Partnership Council, which has catalyzed a transformative shift in the trade and investment dynamics between the two nations. He enthusiastically looked forward to forging partnerships in sectors such as green hydrogen, manufacturing, energy, agriculture, food security, healthcare, and information technology.
Abdulaziz Al-Qahtani, Chairman of the Saudi-Indian Business Council, highlighted the Council's commendable 26-year journey, during which it played a pivotal role in fortifying economic ties and fostering collaborations between businesses in both nations. Al-Qahtani emphasized that India stands as a pivotal market for Saudi companies, and Indian investors can capitalize on a plethora of opportunities within the Kingdom.
The icing on the cake was the signing of a memorandum of understanding between FSC and the Federation of Indian Industry, signifying a commitment to intensify economic relations, facilitate coordination among businesses and companies in Saudi Arabia and India, and enhance cooperation in trade and investment. This landmark agreement solidifies the commitment of both nations to further strengthen their economic ties, setting the stage for a promising future of collaboration and growth.
