Press Information Bureau

Government of India

Ministry of Commerce & Industry

22-November-2012 17:57 IST

A delegation of Saudi – India Business Network (SIBN) which called on the Minister of State for Commerce and Industry Dr. S Jagathrakshakan in New Delhi today, showed keen interest on investing in India and forming joint ventures with Indian companies. The 15 member ISBN delegation was led by its President Dr. Ghazi Binzagar. The Saudi delegation showed particular interest in petroleum, petrochemicals, fertilizers, infrastructure, food processing, health care, herbal and medicinal sectors.

Addressing the delegation, Dr Jagathrakshakan detailed the vast investment potential available in India following the spate of new initiatives and liberalization. He said the proposed US $ 750 million Saudi – Indo Investment Fund, jointly set up by the Public Investment Fund of Saudi Arabia and the Infrastructure Development Finance Corporation (IDFC) will start in the near future. The fund focuses on channelizing Saudi investments into Indian infrastructure projects.

The Minister called upon the delegation to utilize the services of ‘India Invest’ a joint venture special purpose vehicle of the Department of Industrial Policy & Promotion with FICCI and the State governments. ‘Invest India’ gives a fillip to investment promotion and handholding services to foreign investors particularly to the Small and Marginal Enterprises (SMEs) and family owned overseas enterprises in a structured manner.

Dr. Jagathrakshakan also invited the Saudi business community to participate in the oncoming 4th GCC-India Industrial Conference (IGIC) to be held in Jeddah, Saudi Arabia from 19th to 21st February 2013.

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Investment fund facilitation: new bilateral infrastructure fund to channel foreign capital into Indian infrastructure projects. A Saudi business delegation indicated interest in sectoral investments and joint ventures in India, especially in infrastructure and related industries. A proposed Saudi-Indo Investment Fund, to be set up by the Saudi Public Investment Fund and IDFC, is intended to channel Saudi capital into Indian infrastructure projects. Indian authorities promoted use of the 'Invest India' special purpose vehicle to provide investment promotion and handholding services to foreign investors, including SMEs and family-owned enterprises.