New Delhi: Saudi Arabia is considering setting up an office of its sovereign wealth fund (SWF) in India to facilitate investments in the country representing a significant development in India-Saudi Arabia economic relations.
Saudi Arabia is actively exploring investment opportunities in India. The Investment Minister of Saudi Arabia, Khalid A. Al Falih, has announced that he will send a delegation to India to explore these opportunities. The delegation will visit various Indian cities, including Gift City, Mumbai, and New Delhi.
The Saudi Investment Minister has expressed a commitment to facilitating bi-directional investment between Saudi Arabia and India. Saudi Arabia is interested in investing in Indian start-ups that cater to the Saudi market. The aim is to establish a joint agreement between the Saudi national venture capital fund and its Indian counterpart to channel venture capital and funding to startups that can leverage both markets.
India's Commerce and Industry Minister, Piyush Goyal, has welcomed Saudi Arabia's interest in India and proposed the establishment of an office in Riyadh, Saudi Arabia, which will be partnered by FICCI (Federation of Indian Chambers of Commerce and Industry) and Invest India, along with officials from the commerce and industry ministry. This move aims to further enhance economic cooperation.
GIFT City in Gujarat, a multi-purpose special economic zone for financial services is mentioned as a location where Saudi Arabia and India are looking to set up offices for investment facilitation.
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