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An investment seminar was held in Jeddah last week to follow up on the interest shown by Saudi businesses, during the visit by Crown Prince Mohammed bin Salman to India in February this year, in investing more than $100 billion in the country.
The event was hosted by Invest India, which is part of India’s Ministry of Commerce and Industry, in collaboration with the Consulate General of India in Jeddah, ¶¶Òõ¶ÌÊÓƵn General Investment Authority and the Jeddah Chamber of Commerce and Industry (JCCI).
Mohammed Noor Rahman Sheikh, the consul general of India, highlighted the tremendous improvements in bilateral trade between India and ¶¶Òõ¶ÌÊÓƵ since the visit of Indian Prime Minister Narendra Modi to ¶¶Òõ¶ÌÊÓƵ in 2016 and the visit of the crown prince to India.
He also assured the Saudi business representatives that they would receive all possible assistance from the consulate to help them connect and work with Invest India and other authorities to ensure the process of investing in the country is as easy as possible, and that Indian companies would similarly receive the help they need to work with Saudi partners.
Hasan Ibrahim Dahlan, the secretary-general of JCCI, said his organization will do all it can to connect Indian businesses with Saudi investors.
The Invest India delegation, which included Varun Sood, senior assistant vice president, Astha Tyagi, senior manager, and Achal Walia, manager, highlighted the transformation that India has undergone in the past five years and the improvements across most economic, business and regulatory frameworks. As a result, they said, India’s ability to absorb large investments improved substantially, backed by a game-changing regulatory overhaul of the economy. Consequently, the country has been among the highest recipients of foreign direct investments over the past five years.
Invest India is the national investment promotion and facilitation agency of the government of India. Its team of domain and functional experts provides sector- and state-specific inputs, along with support to investors throughout the entire investment cycle.