India-Saudi Arabia StartUp/Innovation Bridge launched, 45 MoUs signed to enhance bilateral investments

On the sidelines of the State Visit of the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud to India, to participate in the Leaders’ Summit of the bilateral Strategic Partnership Council, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry of India and the Saudi Ministry of Investment organized an India-Saudi Arabia Investment Forum 2023 (“The Forum”) in New Delhi yesterday.

The Forum witnessed the attendance of more than 500 companies from India and Saudi Arabia. This is the first such formal investment symposium between India and Saudi Arabia and it comes as a follow-up to the announcement made, previously, by the Saudi Crown Prince to invest approximately $100 Billion in diverse sectors of the Indian economy.

The Ministerial Session of the India-Saudi Investment Forum 2023 was co-chaired by the Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal and the Minister of Investment, Kingdom of Saudi Arabia, H.E. Mr. Khalid A. Al Falih.

Jointly addressing the business gathering, the two Ministers discussed, inter-alia, ways and means of expanding bilateral collaboration in various domains including start-ups, digital infrastructure development, increasing collaboration between the business and investor ecosystems of the two countries including through closer cooperation between the Investment promotion agencies of the two countries and through setting up of investment promotion offices, encouragement of Saudi Sovereign Wealth Funds to consider direct investments into India in addition to the current inflow of investments through funds, and possibility of joint projects.

Some of the other key outcomes during the Ministerial discussion included concurrence on fast-tracked realization of partnership opportunities identified under the Committee on Economy and Investments of the Strategic Partnership Council. The Ministers also outlined potential investment collaborations in the domains of food processing, logistics and infrastructure, healthcare, energy particularly renewable energy, skill development, space, ICT, start-ups particularly in the digital domain.

In welcome remarks at The Forum, Secretary, Department for Promotion of Industry and Internal Trade, Shri Rajesh Kumar Singh  highlighted the importance of bilateral relationships between the two countries and emphasized upon mutual growth by furthering economic and cultural relations between the two countries.

The Forum also witnessed detailed Presentations by Invest Saudi, Invest India, Economic Cities and Special Zones Authority of Saudi Arabia, GIFT City, IFSC (International Financial Services Centre), Saudi Ministry of Culture and the Film Commission, and National Center for Privatization, Saudi Arabia, showcasing the abundant Investment Opportunities, both in India and in Saudi Arabia.

Further, breakout sessions were conducted with the discussion centred on potential bilateral collaboration in the domains of: ICT & Entrepreneurship; Chemicals & Fertilizers; Energy & Sustainability; Advanced manufacturing; and Food security. Concerned businesses from both sides with expertise and interest in these sectors addressed the gathering to share their views on the potential for enhanced collaboration in these respective domains.

Earlier in the day, more than 45 Memorandum of Understanding (MoUs) were concluded between the two sides, in G2B and B2B formats. These MoUs are expected to further deepen the economic engagement between the two sides and are also likely to accelerate investment flows between the two sides.

Investment promotion: offices and a StartUp/Innovation Bridge to accelerate bilateral investments and direct fund participation. An India-Saudi Arabia investment forum agreed to establish investment promotion offices in both countries and launched an India-Saudi StartUp/Innovation Bridge to strengthen start up and digital ecosystem links; ministers encouraged Saudi sovereign wealth funds to consider direct investment into India and identified fast track coordination under the Committee on Economy and Investments to pursue joint projects and sectoral collaboration across infrastructure, energy, healthcare, ICT and advanced manufacturing.