Indian companies to discover funding alternatives in $500-bn Saudi infra initiatives; obtain over 400 licences


New Delhi: An Indian delegation of high firm representatives from the infrastructure, housing and allied sectors, in addition to the leisure trade, can be on a two-day go to to Saudi Arabia starting Tuesday to discover funding alternatives within the $500 billion mega metropolis initiatives being executed within the Kingdom, an official stated right here.

Representational picture. Reuters

A Union commerce ministry launch on Monday stated that the tour has been organised by the Financial Diplomacy Division of India’s exterior affairs ministry (MEA). The delegation to Riyadh can be led by MEA further secretary Manoj Bharti.

The infrastructure initiatives are a part of the Saudi Kingdom’s initiative to develop their financial system via main structural adjustments and growing mega initiatives, new roads and railroads, airports, sea ports and tourism.

“The initiatives arising in Saudi Arabia are a part of ‘Imaginative and prescient 2030’, launched by the Kingdom, in an effort to shift from an oil-based financial system to an industrial manufacturing-based productive financial system,” the assertion stated.

“Saudi Arabian Basic Funding Authority has lately issued greater than 400 licences to Indian companies. There’s additionally scope for Indian firms to companion within the high-speed 450-km railway line linking Mecca and Medina and development of an airport in Jeddah,” it added.

Indian investments in Saudi Arabia are price $1.5 billion whereas Saudi Arabia has invested $16 million in India.

Saudi Arabia is the fourth largest buying and selling companion of India with bilateral commerce exceeding $25 billion in 2016-17. As India’s largest provider of crude oil, Saudi Arabia accounts for about 20 % of India’s complete annual imports.

The three.2 million-strong Indian neighborhood is the most important expatriate group in Saudi Arabia and sends $10 billion in annual remittances again to India.

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