India, Saudi Arabia bolster economic bonds with 50 plus agreements

New Delhi [India], September 11 : India and Saudi Arabia on Monday entered into over 50 agreements spanning various sectors, including ICT, entrepreneurship, chemicals, energy, and advanced manufacturing. 
Saudi Arabia's Investment Minister Khalid Al-Falih led a senior delegation to India-Saudi Investment Forum where the signing of these agreements between the two countries took place. 
The forum coincided with the visit of Crown Prince Mohammed bin Salman and followed the G20 Leaders' Meeting.
"The India-Saudi Investment Forum, which brought together policymakers, business leaders and innovators from both countries, has concluded with the signing of over 50 Memoranda of Understanding (MoUs) and agreements," an official release said. 
These landmark agreements covered sectors including ICT, entrepreneurship, chemicals, energy and advanced manufacturing. These include: A definitive agreement with the goal of establishing Petromin Express service centres in HPCL-operated fuel stations throughout India, between Petromin and HPCL; an MoU to cooperate in energy technology between Desert Technologies and Goldi Solar; an MoU in human resources between ARCO and Indian Personal Export Promotion Council and the Association of Overseas Recruiting Agents.
As per the release, an MoU in agribusiness was signed between Alshalan Co, DD International and AMDD Foods Ltd, for the former to acquire a stake in both companies. 
The India-Saudi Investment Forum was attended by HE Khalid Al-Falih, Minister of Investment of Saudi Arabia, HE Piyush Goyal, Minister of Commerce and Industry of India and, Nivruti Rai, Managing Director and CEO of Invest India. 
As well as MoUs, there were presentations which were delivered 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.
The India–Saudi Investment Forum took place following the G20 Leaders Meeting and on the sidelines of an official state visit by Crown Prince Mohammed bin Salman. 
An MoU in energy between Al Jomaih Energy and Water and Avaada Energy Private Limited, in collaboration for EPC and co-development of Solar, Wind, Hybrid and Battery Energy Storage solutions projects in the Middle East. 
At the G20 Leaders Meeting, the India-Middle East-Europe Economic Corridor was announced, which involves collaboration between the US, India, Saudi Arabia, UAE, France, Germany, Italy, and the EU. The agreement is being hailed as transformative for regional investment, the statement read.
Commenting on the conclusion of the event, His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia said: “We are very proud to be partners with India and hopefully seen here as contributors to this great success. We are blessed by many things in Saudi Arabia and India. I think one of the most important blessings we have is two of the world’s most energetic, effective, and visionary leaders. It is because we realized that going forward, the centre of gravity of the global economy has already moved to the global south.”
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 HRH 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 per cent compared to 2021. There are also more than 3,000 Indian firms with a foreign investment license in Saudi Arabia.