New Delhi: Indian businesses are eyeing broader commercial exchanges with the Kingdom, the Confederation of Indian Industry said on Thursday, after signing a new agreement with the Federation of Saudi Chambers.
The two business bodies inked the MoU on the diversification of economic cooperation and widening of commercial exchanges on the sidelines of the Future Investment Initiative Forum in Riyadh on Thursday.
The signing ceremony was witnessed by Indian Commerce and Industry Minister Piyush Goyal.
“There is a clear intent on both sides to enhance the economic corporation. Already trade relations between the two countries have been growing,” Sanjiv Puri, CII president designate, told Arab News.
“There are the complementarities and the similarities between the two economies, and they will be leveraged.”
Saudi-Indian ties began to witness a new level of engagement in 2019, following Crown Prince Mohammed bin Salman’s visit to New Delhi and the establishment of a strategic cooperation council.
During Saudi Arabia’s presidency of the Group of 20 largest economies in 2020, the two countries started to forge partnerships and bilateral programs that saw further development as India took the G20 presidency in 2023.
“Leaderships of the two countries have elevated the relations,” Puri said.
“This therefore opens up tremendous opportunities for companies within India and, of course, Saudi Arabia to diversify and look at investments in some of the growth sectors in India.”
Among the growth sectors, he listed manufacturing in technology-based industries, IT services, health care and tourism.
“Saudi Arabia is also on a transformation journey. I really appreciate and applaud Vision 2030. That transformation itself also opens up more opportunities across multiple sectors and considering that part of the vision is also to transform the economy into a knowledge and innovation-based economy,” Puri said.
“I think there are huge synergies as far as services are concerned. India is a global leader in services; 40 percent of the global captive centers actually started in India.”
He also saw “tremendous opportunities” coming from the strengthening of commercial ties with the Kingdom and the new MoU with the FSC.
“I also take this opportunity to thank the Saudi Chambers for hosting us and organizing this event with a very large and enthusiastic participation,” Puri said.
“It’s been a privilege to be associated with them and sign the MoU so that we can promote, and work together on promoting, trade and investments on either side.”
