Saudi delegation to visit India to showcase investment opportunities Today World News

Diversification is the name of the game as Saudi Arabia plans for a non-oil future. As it opens its doors to foreign investment especially towards sectors the kingdom has identified as priority ones, Riyadh is looking east at a substantial infusion from India.

A team from the kingdom’s Ministry of Investment is slated to tour India soon at the invitation of industry bodies FICCI and CII to explore possible areas of cooperation, with stops in New Delhi, Mumbai and Visakhapatnam.

This comes on the back of a delegation from its Ministry of Industry and Mineral Resources and the Local Content and Government Procurement Authority visiting India in February this year, and another high-level team from the Ministry of Industry and Mineral Resources engaging in discussions with the Indian government last month on advancing bilateral cooperation in the textile sector. Bilateral trade between the two countries reached $41.88 billion in FY 2024-25.

The intensified exchanges align with the objectives of ‘Saudi Vision 2030’. At an interaction with a team of visiting journalists in Riyadh at the invitation of the Ministry of Media of the Kingdom of Saudi Arabia, officials from the Ministry of Investment elaborated on the contours of Saudi Vision 2030, announced first in 2016 and bearing the distinct imprint of Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz.

‘Saudi Vision 2030’

Officials said the road map leverages the kingdom’s investment capabilities, and strategic geographical and geopolitical position to diversify the economy, empower citizens, create a vibrant environment for both local and international investors, and establish Saudi Arabia as a global leader.

“Our aim is to take non-oil exports to 50%. Among other things, we are targeting foreign direct investment (FDI) to increase to 5.7% of the GDP by 2030, up from 1.3% in 2024, as part of our national investment strategy,” said a Saudi Ministry of Investment official.

While the Saudi government is taking the lead with plans to pump in investments of $3.2 trillion by 2030, including 80 green initiatives totalling $187 billion, it is also cutting down red tape and rolling out the red carpet for FDI. The official said the kingdom unveiled an updated version of its investment laws on February 7 this year for ease of capital entry. “Up to 100% foreign ownership of investment is now allowed in most sectors and business visit visas would be valid for a year,” the official said.

The Ministry of Investment has set up three ‘one-stop shops’ for potential investors in Riyadh, Jeddah and Dammam, with the one in the capital housed on the Ministry premises.

Asked if Saudi Arabia is looking at Indian investment in specific sectors, the official cited India’s expertise in textile manufacturing but clarified that the kingdom is open to investors expressing interest in all areas. A second Ministry official also indicated that health care, ICT (information and communications technology) and agriculture could be key areas of interest for Indian investors apart from the digital and automotive sectors.

(The author is in Riyadh at the invitation of the Ministry of Media of the Kingdom of Saudi Arabia to attend ‘India Week’, a part of its ‘Global Harmony’ initiative.)