A framework for Investment Promotion Cooperation between Invest India and Saudi Arabian General Investment Authority [SAGIA], Kingdom of Saudi Arabia has been signed on 3rd April, 2016. Key sectors of Saudi Arabia’s investment to India identified in the framework are Infrastructure, Energy, Manufacturing, Transport, Education and Healthcare. Key sectors of India’s investment to Saudi Arabia in the framework are Information & Communication Technology (ICT), Energy, Chemicals, Construction, Food Processing, Machinery, Healthcare and Life Sciences, Transport and Logistics, Human Capital and Tourism.

The framework agreement is aimed at facilitating investments by private sector in the two countries. Invest India will provide all hand holding and investment facilitation to Saudi Arabian investors planning to invest in India.

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today.

Investment promotion cooperation enables cross-border private-sector investment and investor facilitation through national investment agencies. A framework agreement for Investment Promotion Cooperation establishes bilateral cooperation between national investment promotion agencies to prioritise sectoral investment (including infrastructure, energy, manufacturing, ICT, chemicals, healthcare, logistics and tourism) and to provide investor hand holding. The agreement tasks the domestic investment promotion agency with providing facilitation services to prospective foreign investors to promote private sector cross border investment through agency level implementation and sectoral outreach.