Page 53 - NIS English 1-15 October, 2023

India-Saudi Arabia World

200 billion dollar Decision to set up offices in both countries

trade expected

"Union Minister of Commerce and Industry, Food and The India-Saudi Arabia Investment Forum 2023 was
organised by the Department for Promotion of
Public Distribution, and Textiles, Piyush Goyal, in a Industry and Internal Trade, Ministry of Commerce
conversation with Saudi Arabia's Minister of Investment, and Industry, Government of India, and the Ministry
Khalid A. Al Falih, said that two countries are the two" of Investment of the Kingdom of Saudi Arabia in New
"fastest-growing economies" "in the world today." Delhi on September 11, 2021. More than 500 companies

n Saudi Arabia has been ranked 62nd and India 63rd in from India and Saudi Arabia participated in the forum.
the World Bank's Ease of Doing Business rankings. This was the first formal investment seminar between
However, this ranking was discontinued in 2020. India and Saudi Arabia. The Ministerial Session of the
India-Saudi Investment Forum 2023 was co-chaired by
n Trade between India and Saudi Arabia currently Union Minister Piyush Goyal and Saudi Arabia's Minister
stands at about $52 billion, which can be increased to of Investment Khalid A. Al Falih.
$200 billion.
n In the meeting, it was decided to set up offices in
n The terms and conditions for doing business in India both countries.
have been simplified. A single Windows system has n Launch of India-Saudi Arabia Startup, Innovation
been set up. Bridge
n India has exempted taxes and made it seamless to n As many as 45 agreements were signed to boost
transfer funds in and out of GIFT City. bilateral investment between the two countries.
n The Saudi Arabian government is setting up 'Neom n These agreements are expected to further deepen
City' at a cost of $0.5 trillion. The concept of 100% the economic engagement between the two
clean energy throughout the city has been created in countries, which is also likely to boost investment.
such a way that it will be user-friendly.

two leaders followed a ministerial meeting of the
two committees held in Riyadh in September 2022.
Prime Minister Modi said, “I had a very fruitful
interaction with His Royal Highness Crown Prince For India, Saudi Arabia is one of our most
Mohammed bin Salman Al Saud of the Kingdom important strategic partners. As the world's
of Saudi Arabia. We reviewed our trade relations. two largest and fastest-growing economies,
Prime Minister Modi expressed confidence that
trade relations between the two countries will our mutual cooperation is vital for peace
further strengthen in the years to come." and stability in the entire region. The
There is immense scope for cooperation between friendship between India and Saudi Arabia
the two countries in grid connectivity, renewable is vital for regional and global stability,
energy, food security, semiconductors, and the
supply chain. India is eager to strengthen ties with prosperity, and human welfare.
Saudi Arabia in a variety of areas. Prime Minister
Narendra Modi also attended Saudi Arabia's - Narendra Modi, Prime Minister
Crown Prince Mohammed bin Salman Al Saud's
felicitation ceremony at Rashtrapati Bhavan.Many
important issues were on the agenda, including
trade, health care, and security.The first meeting of meeting's agenda covered a wide range of bilateral
the Strategic Partnership Council leaders was held cooperation issues, including energy security, trade
between Prime Minister Narendra Modi and Saudi and investment, defence and security, health care,
Crown Prince Mohammed bin Salman Al Saud. The food security, culture, and community welfare. n

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