Oil-rich Saudi Arabia said India is its No.1 priority foreign investment destination and its companies are looking at becoming household names in the country with projects in oil refining, petrochemicals, and fertilizers. Saudi crown prince Mohammed bin Salman announced investment opportunities worth $100 billion in various sectors in India.
With the aim to strengthen the bilateral relationship, the Indian firms, Tata Consultancy Services (TCS), Wipro, Glenmark and Carnival Cinemas signed 15 agreements at Saudi-India Forum to invest in Saudi Arabia. This collaboration with Indian tech firms, including TCS, Wipro, Glenmark, and Ion Exchange is a part of Vision 2030 and it will boost the strategic growth of several Saudi government entities.
The Saudi Arabian General Investment Authority (SAGIA) in a statement said while 11 MoUs were signed to forge partnerships, four new licences worth more than USD 28 million were handed out to Indian firms at the Saudi-India Forum here.
Ajay Goyal, CEO & Founder of Endive Software, carried on a one-to-one discussion with Ahmaed .H. Altheneyan (Deputy Minister of Technology Industry & Digital Capacities) about the IT infrastructure, security, and technology.
Besides, licences were permitted to SecurEyes, AWJ Energy, Carnival Cinemas and Red Sea Arabia Company to establish their operations in Saudi Arabia.
“Saudi Arabia is open for business and we are delighted to announce the licences and MoUs signed at the Saudi-India Forum today.
“Since the launch of Vision 2030, we have been working across the government to enhance regulations and streamline processes for investors, and as a result, we are attracting an increasing number of Indian businesses to explore mutually beneficial growth opportunities,” Ibrahim Al-Omar, Governor, SAGIA, said.
The number of SAGIA licences issued to Indian businesses grew 181 percent in 2018 and the agreements signed Wednesday are indicative of the interest among Indian businesses to take advantage of these opportunities, he said.