Saudi Gazette report
RIYADH — Saudi Minister of Funding Khalid Al-Falih stated on Monday that Saudi Arabia and India will launch a particular house program, Al-Arabiya reported.
The minister stated that the Saudi Public Funding Fund (PIF) would open an workplace in India to facilitate the pumping and change of investments. “Saudi Arabia will contemplate organising an workplace of its sovereign wealth fund in India’s Gujarat Worldwide Finance Tec-Metropolis (GIFT). “I match your supply and commit in the present day to opening an workplace,” Falih stated after India’s Minister of Commerce and Business Piyush Goyal invited Saudi Arabia to arrange an workplace in GIFT Metropolis.
GIFT Metropolis is India’s tax-neutral monetary companies middle. Goyal additionally stated he’ll recommend that his ministry begins an funding promotion workplace in Riyadh.
Greater than 1000 enterprise leaders and buyers from India and Saudi Arabia attended the India – Saudi Funding Discussion board held on Monday on the sidelines of the official go to of Crown Prince and Prime Minister Mohammed bin Salman to India.
Addressing the discussion board, Badr Al-Badr, deputy Saudi minister of funding for funding outreach, stated that Saudi Arabia and India have signed a bilateral settlement to additional bolster the funding local weather in each international locations. There’s a strong progress within the commerce ties between Saudi Arabia and India, the minister stated whereas urging Indian businessmen and buyers to pump investments within the Kingdom.
Round 50 agreements have been signed between India and Saudi Arabia, most of that are memorandums of understanding in the direction of the change of experiences in a variety of sectors. The agreements are valued at about $3.5 billion