As many as 50 MoUs were signed on Monday between India and Saudi Arabia in the fields of ICT, entrepreneurship, chemicals, energy, and advanced manufacturing, during the India-Saudi Arabia Investment Forum held in New Delhi. The agreements were signed on the sidelines of an official state visit by Saudi Crown Prince Mohammed bin Salman for the G20 summit, the kingdom's Ministry of Investment said on Monday.

The event featured presentations by Invest Saudi, the Global Supply Chain Resilience Initiative, the Economic Zones and Cities Authority, Invest India, and Gujarat International Finance Tec-City, among others.

Avaada Energy and Al Jomaih Energy and Water inked a preliminary agreement during the event for the engineering, construction, and procurement of joint projects involving the development of solar, wind, hybrid, and battery energy storage solutions in the Middle East.

Additionally, Petromin and HPCL decided to set up a Petromin Express service centre in HPCL-run petrol stations all over India.

Furthermore, Desert Technologies and Goldi Solar signed an MoU to work together on energy technology. Also, a pact in human resources between ARCO, and Indian Personal Export Promotion Council, and the Association of Overseas Recruiting Agents was signed during the forum.

Alshalan Co also signed an MoU in agribusiness to acquire stakes in D.D. International and AMDD Foods Ltd.

“Further to the agreements signed today, the Ministry of Investment of Saudi Arabia is in the process of opening a country office in India to streamline the process for Indian companies to invest in Saudi Arabia, while the establishment of an agreement between both nations is underway to build a bridge for venture capital and funding for start-ups,” the ministry said.

The India-Saudi Arabia Investment Forum was attended by Saudi Investment Minister Khalid Al-Falih, Indian Commerce Minister Piyush Goyal, and Invest India Managing Director and CEO Nivruti Rai.

At the G20 meeting, the India-Middle East-Europe Economic Corridor was announced. It involves collaboration between the US, India, Saudi Arabia, the UAE, France, Germany, Italy, and the EU.

The agreement is hoped to boost regional investment.

India and Saudi Arabia are seeking to strengthen economic ties.

India and Saudi Arabia share deep diplomatic and economic ties. The India-Saudi investment forum is a continuation of a relationship that is underlined by the Indian Prime Minister’s visits to the Kingdom in 2016 and 2019 and the Crown Prince’s trip to India in 2019.

In terms of trade with Saudi Arabia, India ranks second in terms of the volume of trade in 2022, amounting to SAR 196.7 billion and recording a growth rate of 51.0% compared to 2021. There are also more than 3,000 Indian firms with a foreign investment license in Saudi Arabia.

Image source: Trade Arabia