Saudi Crown Prince Salman visit to India: Tech partnership high on agenda

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The Saudi Arabian General Investment Authority (SAGIA) in partnership with the Saudi Center for International Strategic Partnerships (SCISP) will host Saudi-India Forum in New Delhi on the 20th February 2019 as part of the first official state visit of the Crown Prince Mohammad Bin Salman Al Saud to India.

The forum will bring together high-ranking government officials and business leaders from both countries to foster future collaborations, building on the bilateral trade and economic ties between and India.

Saudi Arabia is India’s fourth largest trading partner with bilateral trade reaching $23.24 billion in April-November 2018. Approximately 2.7 million Indians live and work in Saudi Arabia and Indian businesses amongst the most important investors into Saudi Arabia in 2018, primarily across manufacturing, financial services, retail, construction and healthcare.

A number of MOUs are expected to be signed during the forum as Indian businesses explore growth opportunities across strategic growth sectors including infrastructure, tourism, technology, education and media.

Ibrahim Al-Omar, Governor of Saudi Arabian General Investment Authority said, “Saudi Arabia and India share a strong heritage of close cultural and economic relations and we see many opportunities for mutually beneficial growth between our two nations. Through Vision 2030, we are working tirelessly to unlock the investment potential presented by the Kingdom’s strategic location, rich natural resources and young, digitally connected population. We are inviting Indian businesses to join us on this journey and to build with us what promises to be a highly valuable and mutually beneficial partnership.”

Dr. Faisal Al-Sugair, President and CEO of the Saudi Center for International Strategic Partnerships said “Our strong relations with India have continued to grow through many generations forming closer cultural and trade ties between the two nations. Today the relationship with India is a strategic partnership across various important dimensions including sustainability, growth, and prosperity for both nations. The state visit by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister of the Council of Ministers and Minister of Defence to India solidifies the strategic level of this relationship and help contribute to the visions of both nations Saudi Vision 2030 and New India @75.”

Since the launch of Vision 2030, the Saudi Arabian government has delivered 45% of over 500 planned reforms, including the introduction of 100% foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders. As a result, Saudi Arabia is climbing international competitiveness and ease-of-doing-business rankings and investors are increasingly towards to the Kingdom, with FDI inflows increasing by 127% in 2018.

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