• There are chances in the fields of energy, infrastructure, food security, AI, and education.
• The two G20 nations’ relationship is significantly influenced by the flow of investments between them.
New Delhi: India and Saudi Arabia are team up to build an investment bridge to expedite investments and advance bilateral projects. The initiative is expected to spark a greater degree of economic interdependence.
Dr. Ausaf Sayeed, secretary for the Gulf region at the Indian Ministry of External Affairs, visited Riyadh this week and met with Saudi officials, including Deputy Minister of Foreign Affairs Waleed bin Abdul Karim Al-Khereiji and Deputy Minister of International Partnerships Mohammed Al-Hassnah, with whom he reached an agreement on a plan to boost joint investment interest.
“Cross-border investments have emerged as a key tool for national development and advancement. Depending on our respective capabilities, India and Saudi Arabia are in a unique position to gain from joint investments, Sayeed told Arab News on Friday.
He claimed that Saudi investments in India have steadily increased to a total of $3 billion, and that more than $2 billion has been invested by Indian companies in the Kingdom. He said that there have recently been significant investment prospects in industries like petrochemicals, infrastructure, food security, healthcare, pharmaceuticals, education, defense, information technology, artificial intelligence, and the arts. They would benefit greatly from “an institutional structure for facilitating investments on both sides,” Sayeed said.
When Saudi Crown Prince Mohammed bin Salman visited India in February 2019, the two countries both members of the Group of 20 major economies discussed a $100 billion plan. This mechanism is considered as a way to assist all the projects under this initiative.
The effort is part of a larger framework of numerous other collaborative projects that both parties are eager to advance for their mutual benefit, according to Prof. Sujata Ashwarya of the Jamia Millia Islamia University in New Delhi.
“The investment bridge will provide Saudi investment in India the necessary push,” she said. It might even evolve into a formal system for facilitating trade and commerce between the two countries.