Saudi Arabia and India signed more than 50 agreements covering sectors including information and communication technology, entrepreneurship, chemicals, energy and advanced manufacturing to strengthen their economic ties.
The agreements were signed during the India-Saudi Investment Forum in New Delhi on the sidelines of an official state visit by Saudi Crown Prince Mohammed bin Salman for the G20 summit, the kingdom's Ministry of Investment said on Monday.
“Further to the agreements signed today, the Ministry of Investment of Saudi Arabia is in the process of opening a country office in India to streamline the process for Indian companies to invest in Saudi Arabia, while the establishment of an agreement between both nations is under way to build a bridge for venture capital and funding for start-ups,” the ministry said.
Some of the agreements signed during the forum include an initial deal between Al Jomaih Energy and Water and Avaada Energy for engineering, construction and procurement and co-development of solar, wind, hybrid and battery energy storage solutions projects in the Middle East.
A definitive agreement between Petromin and HPCL to establish Petromin Express service centres in HPCL-operated fuel stations throughout India as well as a preliminary agreement to co-operate in energy technology between Desert Technologies and Goldi Solar were also signed at the forum.
A preliminary agreement in agribusiness between Alshalan and DD International and AMDD Foods for the former to acquire a stake in both companies was also signed during the forum.
At the G20 meeting, the India-Middle East-Europe Economic Corridor was announced. It involves collaboration between the US, India, Saudi Arabia, the UAE, France, Germany, Italy, and the EU.
The agreement is hoped to boost regional investment.
India and Saudi Arabia are seeking to strengthen economic ties.
India ranked second in terms of the volume of trade with Saudi Arabia in 2022, amounting to 196.7 billion Saudi riyals ($52.45 billion) and recording an annual growth rate of 51 per cent.
There are also more than 3,000 Indian companies with a foreign investment licence in Saudi Arabia, the ministry said.