India attracts investments in key sectors from Saudi Arabia

India attracts investments in key sectors from Saudi Arabia

The “Make in India” offers business houses In Saudi Arabia an opportunity to invest in India. Sectors like automobiles, aviation, construction, electronic systems, IT, food processing, oil and gas and petrochemicals look lucrative.

‘Make in India’, campaign aims to transform India into a manufacturing hub.

The vital changes in the system like Elimination of unnecessary laws and regulations, making bureaucratic procedures easier, shorter, transparent, responsive and more accountable; is on Modi government’s prime agenda.

The government is keen upon the framework which includes, time-bound project clearances through a single online portal monitored by the eight-member team. This team will address investor queries on key issues including labour laws, skill development and infrastructure within 48 hours,” Indian Consul General B.S. Mubarak said while addressing Saudi businessmen and entrepreneurs at Jeddah Diwaniyah.

He further added that, the foreign investments are also sought in the sectors like biotechnology, defense manufacturing, electrical machinery, media and entertainment, mining, pharmaceuticals, ports, railways, renewable energy, roads and highways, space, textile garments, thermal power, tourism and hospitality.

India and Saudi Arabia trade; in the year 2012-13 crossed worth $43 Bn, making Saudi Arabia India’s 4th largest trading partner. It is also the largest supplier of crude oil to India, accounting for one-fifth of total oil imports. This shows that, both the countries are developing strong strategic vision and determined to work together, keeping in mind the welfare and benefit of the citizens.

Businessmen in the forum expressed their views on, how India and Saudi Arabia can capitalize upon their centuries old socio economic ties and their continued potential in partnering in technology, science, education and business by working closely together.

Currently there are about 2.8 Mn plus Indians live in Saudi Arabia as ‘most preferred community’ due to their expertise, sense of discipline, law abiding and peace loving nature. And Saudis are always inclined towards investing in India and Indians.