New Delhi: Piyush Goyal, the Union Minister for Commerce on Sunday 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.” India and the United Arab Emirates (UAE) have taken a step towards enhancing their bilateral ties by signing a memorandum of understanding (MoU) known as the "Startup 20 Bridge." Among the 53 MoUs exchanged between the two nations, this particular agreement aims to strengthen collaboration in the field of startups and innovation. Al Falih said, "In recent times, there has been accelerated engagement between the two countries, both at the govt level and the private sector level. It is incumbent on me as a friend and family with every Indian to extend a number of congratulations”. “Today the whole world is focused on one of the most successful G 20 Summits...As part of your family, we can tell that we are really proud", said Al Falih India is just going to continue to grow and grow... pic.twitter.com/DoWs5J6UWU — Piyush Goyal (@PiyushGoyal) September 11, 2023 Such initiatives are anticipated to attract increased investments, stimulate job creation, and drive economic growth in both India and Saudi Arabia. The India-Saudi Investment Forum serves as a platform for both nations to explore further avenues of collaboration and deepen their economic ties. Khalid Al Falih, in his closing remarks at the panel discussion, emphasized the importance of celebrating each other's successes, reinforcing the notion that when one succeeds, both nations benefit as extensions of each other. As the global economic landscape evolves, partnerships like these become increasingly vital, and the collaboration between India and Saudi Arabia holds the promise of substantial economic gains for both nations in the years to come.
