New Delhi: The Saudi Arabian General Investment Authority (SAGIA) on Wednesday signed four investment agreements worth more than $28 million and 11 memorandum of understanding (MoUs) during the visit of Crown Prince Mohammed Bin Salman.
This is besides five governmentto-government pacts signed by the two sides across infrastructure, energy and tourism sectors. Saudi Arabia also decided to join International Solar Alliance.
The SAGIA announcements cover a range of partnerships across strategic growth sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment. This reflects the strength and diversification of the Saudi economy, as well as the opportunities being unlocked for private sector businesses by widespread economic and social reforms as part of Vision 2030.
The 11 MoUs signed will boost the collaboration in strategic growth sectors between several government entities including the Ministry of Communications and Information Technology, the General Entertainment Authority, the National Industrial Clusters Development Program (NICDP) and SAGIA with leading Indian firms including TCS, Wipro, Glenmark and ION Exchange. Licences were granted to AWJ Energy, SecurEyes, Carnival Cinemas and Red Sea Arabia Company to establish operations in Saudi Arabia..
Organised in partnership between SAGIA and the Saudi Center for Strategic International Partnerships (SCISP) with the Confederation of Indian Industry (CII), the event brought together more than 400 high-ranking government officials and business leaders from both countries to foster future collaborations, building on the deeprooted bilateral ties between Saudi Arabia and India.
Among the speakers at the day-long event were Khalid Al-Falih, Minister of Energy, Industry & Mineral Resources (Saudi Arabia), Dr. Majid Al Qasabi, Minister of Commerce & Investment (Saudi Arabia), Yousef Al-Benyan, CEO of SABIC, Eng. Uwaidh Al Harethi, CEO of the National Industrial Development and Logistics Program, Rajiv Kumar, Vice-Chairman of NITI Aayog, and Amin Al-Nasser, CEO of Saudi Aramco, Panda Madhusudana Siva Prasad, CEO of Reliance Industries, and Sanjiv Singh, chairman of Indian Oil CorporationNSE 4.58 %.
Ibrahim Al-Omar, governor, SAGIA, said, “Saudi Arabia is open for business and we are delighted to announce the licenses and MoUs signed at the Saudi-India Forum today. Since the launch of Vision 2030, we have been working across the government to enhance regulations and streamline processes for investors, and as a result we are attracting an increasing number of Indian businesses to explore mutually beneficial growth opportunities. The number of SAGIA licences issued to Indian businesses grew by 181% in 2018 and the agreements signed today are indicative of the interest among Indian businesses to take advantage of these opportunities. We look forward to continuing to build even stronger ties in the months and years to come.”
Infrastructure, industrial development and logistics were also important topics of discussion during the event, as Saudi Arabia activates investment opportunities worth $453 billion as part of its National Industrial Development and Logistics Program (NIDLP). The program presents diverse opportunities for Indian investors to increase their footprint in Saudi Arabia, including financial and non-financial incentives and enablers to ensure synergy and sustainable development across four key sectors: mining, industry, logistics, and energy.