500 companies participate in India-Saudi Arabia Investment Forum 2023

On the sidelines of the state visit of Saudi Arabia Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud, the Department for Promotion of Industry & Internal Trade under the Ministry of Commerce & Industry and the Saudi Ministry of Investment organized India-Saudi Arabia Investment Forum 2023 in New Delhi yesterday.

The forum witnessed the attendance of more than 500 companies from India and Saudi Arabia, a government of India press release said. This was the first such formal investment symposium between the two countries, coming as a follow-up to the announcement made previously by the 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 Minister of Commerce & Industry Piyush Goyal and Saudi Minister of Investment 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.

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.