Saudi Arabia and India Enhance Investment and Trade Relations
Saudi Plans to Establish Sovereign Wealth Fund Office in GIFT City
Saudi Arabia has expressed its intention to set up an office for its sovereign wealth fund (SWF) at Gujarat International Finance Tec-City (GIFT) in India. This move aims to facilitate investments between the two countries and strengthen economic ties.
Indian Investment Office to Open in Riyadh
In response, India has announced plans to open an investment office in Riyadh, Saudi Arabia. The officials from GIFT City, in collaboration with FICCI, Invest India, and the Ministry of Commerce and Industry, will establish an Investment & Trade Promotion office to promote bilateral investments.
Boosting Investment and Trade
The Commerce Minister of India, Piyush Goyal, expressed optimism about increasing investments and doubling the current bilateral trade volume of $52 billion to $100 billion. The focus is on achieving a more balanced trade relationship between the two nations. Goyal highlighted the potential for India to provide food security, while Saudi Arabia can contribute to energy, oil, and fertilizer security.
Empowering Startups and Entrepreneurship
Both Saudi Arabia and India recognize the importance of supporting startups, innovators, and entrepreneurs. They aim to create an environment that fosters entrepreneurship, nurturing potential national champions. The focus is not solely on large national corporations but also on encouraging the growth of startups and small businesses.
Investment Facilitation and Outbound Investments
Saudi Arabia plans to establish an office in India to facilitate investments, while also facilitating outbound investments. A delegation will be sent to GIFT City to explore potential opportunities, and locations for the new office, such as Delhi, Mumbai, or GIFT City, will be considered.
Startup Bridge and Venture Capital Collaboration
To promote startup collaboration, Saudi Arabia will offer physical and digital space for a “Startup Bridge” in Riyadh. This initiative will not only provide access to partners from Saudi Arabia but also include collaboration with venture capitalists (VCs). Both countries plan to create a joint agreement involving the National Venture Capital Fund and Indian counterparts to fund startups.
Through these advancements, Saudi Arabia and India aim to strengthen their investment and trade relations, fostering economic growth and cooperation between the two nations.
Disclaimer:
The information provided in this article is based on the latest Acts, Rules, Circulars, Notifications, Provisions, Press Releases, and other applicable material available at the time of compilation. We have diligently ensured the completeness and accuracy of the material. However, it is essential for users to consult the relevant legislation for specific guidance. Please note that the data provided may be subject to change without prior notice and should not be considered as professional advice. Estabizz Fintech holds no liability for any outcomes resulting from the use of this material.
