The investment ministry of Saudi Arabia is looking to open an office in India in a sign of the strengthening ties between the two countries.
The possible office opening was announced by investment minister Investment Minister Khalid Al-Falih at the India-Saudi Investment Forum held in New Delhi this week.
“I will commit today that we will open an office in India for investment facilitation,” said Al-Falih.
The ministry will send a delegation to GIFT City in Gujarat, the international financial services centre, to explore where to set up the office – Mumbai, Delhi or GIFT City, added Al-Falih.
The ministry and its Indian counterpart, Invest India, also signed a bilateral agreement at the forum to “strengthen mutual investment endeavours” and to give investors and traders a “comfort zone” to encourage more business.
“Saudi Arabia and India are the right fit for each other. Your demand is our supply, and our demand is your supply as well,” said Badr Al-Badr, deputy minister of investment outreach at the Ministry of Investment.
In addition, 47 memorandums of understanding were signed between the two nations at the forum to encourage greater mutual investment.
Saudi Arabia is not the only Mena nation seeking closer ties with India. The Abu Dhabi Investment Authority opened an office in GIFT City in July, and the Qatar Investment Authority recently spent nearly US$1 billion to acquire a stake in India-based Reliance Retail.
©2023 funds global mena