India’s Union Minister of Commerce and Industry, Food and Public Distribution and Textiles, Shri Piyush Goyal, has emphasized the importance of the G20 Summit 2023 and Startup20 under India’s G20 Presidency.
He highlighted that both countries are the two fastest-growing economies in the world today, with Saudi Arabia ranking at number 62 and India at number 63 in the World Bank Ease of Doing Business ranking. Goyal suggested that trade between the two countries could double, with current trade standing at $52 billion and potential for $200 billion. He invited Saudi investors to visit Gujarat International Finance-Tech City and invest there.
Piyush Goyal also suggested that the Federation of Indian Chambers of Commerce & Industry (FICCI), the Government of India, and Invest India may open an office of Investment and Trade Promotion in Riyadh, Saudi Arabia.
He emphasized the need for a balanced trade, where India could provide food security to Saudi Arabia while providing energy, oil, and fertilisers to India. Goyal also discussed the potential of NEOM City, which Saudi Arabia is setting up at a cost of $0.5 trillion. The city is designed to have 100% clean energy and be user-friendly, with India contributing significantly in areas like design, construction, manufacturing, and business development.
A recent study showed that Indian companies have given a 20% CAGR return on investment for 20 years, followed by those from the US and China. Goyal believes it is time to accelerate investment from Saudi Arabia, as FDI from the country last year was only $4 billion, down from $2.8 billion during the COVID period. He also highlighted the immense potential of the pharmaceutical sector and the need for greater understanding between Saudi Arabia and India’s regulatory authorities.
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