Prime Minister Narendra Modi and Saudi Arabian Prime Minister and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud hold the first Leaders' Meeting of the India-Saudi Strategic Partnership Council, in New Delhi on Monday. (ANI Photo)
Addressing a press briefing on the State visit of the Saudi Crown Prince, Secretary (CPV and OIA) Ausaf Sayeed said, “I am happy to share with you that during this visit as many as eight agreements have been signed.”
The agreements signed are in the field of energy, in the field of digitalization and electronic manufacturing, and cooperation between India’s Central Vigilance Commission and Saudi Anti-corruption.
There was an agreement between the two investment entities, India and Saudi counterparts Exim banks, Small and Medium Enterprises Banks and an agreement on desalination. An agreement was also signed on renewable energy. “One is the field of energy which was signed by the Saudi Minister of Energy and our Minister of New and Renewable Energy,” said Sayeed.
“Then there was an agreement between the agreement in the field of digitalisation and electronic manufacturing between the IT ministries of both sides,” he said.
Another agreement was between Central Vigilance Commission of India and its counterpart the Saudi Oversight and Anti-Corruption Authority.
“And the fourth agreement was between the National Archives. Then there was an agreement between the two investment entities, that is Invest India on the Indian side and the Ministry of Investment on Saudi side,” said Sayeed.
“There was another agreement between the two EXIM banks and there was also another agreement between the Small and Medium Enterprises Bank banks of two sides, that is SIDBI and the SME Bank of Saudi Arabia,” the Secretary said, adding, “And the last one was in the field of Desalination.”
Over two dozen Memoranda of Understanding were signed between India and Saudi Arabia companies, ranging from Information Technology, agriculture, pharmaceuticals, petrochemicals, and human resources, among other sectors.
India, Saudi Arabia agree to expedite Free Trade Agreement negotiations
India and Saudi Arabia on agreed to expedite India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) negotiations to further strengthen economic cooperation between the two countries.Secretary of Consular, Passport and Visa Division (CPV) and Overseas Indian Affairs (OIA) Ausaf Sayeed on Monday said India, Saudi Arabia have “agreed to expedite the India-GCC FTA negotiations which they felt would act as a catalyst for further strengthening our economic cooperation between the two sides. They also agreed to strengthen cooperation in the FinTech field and explore trading in the local currencies.”
The CPV & OIA Secretary made the remarks during a special briefing on the State Visit of the Crown Prince and Prime Minister of Saudi Arabia Prince Mohammed bin Salman bin Abdulaziz Al Saud to India.
Saudi Arabia to open Investment Facilitation centre in India
Piyush Goyal, the Union Minister for Commerce announced that officials from Gujarat International Finance Tec (GIFT) City will be sent to Saudi Arabia to facilitate the establishment of an Investment and Trade Promotion Office in Riyadh.
Piyush Goyal said, “Gujarat International Finance Tec (GIFT) City official will be sent to Saudi Arabia. Officials from FICCI, Invest India and Commerce Ministery will open an Investment and trade promotion office situated in Riyadh.”
This landmark initiative involves collaboration among key organizations, including the Federation of Indian Chambers of Commerce and Industry (FICCI), Invest India, and the Ministry of Commerce and Industry.
Together, they will work to set up this office, which is poised to play a pivotal role in fostering investment and trade relations between the two nations.
Speaking at the India-Saudi Investment Forum, Goyal expressed his optimism about the future of economic cooperation between India and Saudi Arabia.
He emphasized India’s commitment to expanding its global reach and facilitating international investments, with a special focus on the Middle East.
In a reciprocal gesture, Khalid Al Falih, the Minister of Investment of the Kingdom of Saudi Arabia, declared Saudi Arabia’s intent to establish an office in India to facilitate investments.He revealed that Saudi officials would visit GIFT City in the coming weeks to assess the feasibility of establishing a sovereign fund office, which could potentially be located in Mumbai, Delhi, or GIFT City.
Khalid Al Falih, Minister of Investment of the Kingdom of Saudi Arabia said, “Saudi Arabia will open an office in India for investment facilitation. We will be working in the next few weeks to send our officials to GIFT City to see the feasibility of opening a sovereign fund office in Mumbai or Delhi or GIFT City.”
This exchange of commitments marks a significant milestone in the economic partnership between India and Saudi Arabia.“One of the things I want to congratulate both of us on is that both Saudi Arabia and India have been the leading G20 countries in the recent past since Covid in terms of our economic performance. Both Countries grew at the fastest rate”, said Falih.
The move is expected to create avenues for cross-border investments, promote trade, and encourage collaboration across various sectors, ultimately benefitting the economies of both nations.
“When you (India) succeed we celebrate because you are an extension of us,” said Al Falih
Al Falih also added, “53 MoU worth USD 3.5 billion has been signed between India and Saudi Arabia today.”
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