Saudi Arabia Minister Khalid Al Falih Says 'Every Sector in Saudi Arabia, India Attractive for Investment'

New Delhi, September 11: Saudi Arabia Minister of Investment Khalid Al Falih on Monday said every sector in Saudi Arabia and India is attractive for investment. “I think every sector in Saudi Arabia and India is attractive for investment. ..........Saudi Arabia has the most ambitious integrated vision in the world and beyond our great market which is today underserved......we have a plan and the intent for Saudi Arabia to be the platform to serve the Middle East, Africa, western Asia...” he said.

Speaking on the India-Middle East-Europe Economic Corridor, he said the economic corridor linking India through the Middle East and primarily Saudi and UAE as also Oman and other nations all the way to Europe is going to be equivalent to the Silk Route and spice road combined for this millennium. For India, Saudi Arabia Is One of Most Important Strategic Partners, Says PM Narendra Modi in Talks With Saudi Crown Prince Mohammed Bin Salman.

He further said that from the Saudi side, there is great appetite to not only invest in oil and gas in India in petrochemicals but also in green energy, new energy and technology and telecommunications and manufacturing and defence, food culture movies. Meanwhile, India and Saudi Arabia have recognized that the India-Middle East-Europe Economic Corridor is “one of the biggest plurilateral agreements connecting several countries.”

Secretary of Consular, Passport and Visa Division (CPV) and Overseas Indian Affairs (OIA) Ausaf Sayeed on Monday said India, Saudi Arabia "recognised this as one of the major outcomes of the G20. It is one of the biggest such plurilateral agreements connecting several countries...”

He said that the corridor “is actually connecting our like-minded partner countries in different geographic zones which is extremely important...It is something which we are all looking forward to. It would need close coordination and work with all the partner countries in that."

The CPV & OIA Secretary made the remarks during a special briefing on the State Visit of the Crown Prince and Prime Minister of Saudi Arabia Prince Mohammed bin Salman bin Abdulaziz Al Saud to India. India, USA, UAE, Saudi Arabia, France, Germany, Italy and the European Union have signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor. Saudi Arabia Crown Prince Mohammed bin Salman Al Saud Attends Ceremonial Reception at Rashtrapati Bhavan, Shares Hug With PM Narendra Modi (Watch Video).

The corridor will encourage and provide impetus to economic development through enhanced connectivity and economic integration between Asia, West Asia, the Middle East and Europe, as per sources. The India-Middle East-Europe Economic Corridor will consist of two separate corridors, the East corridor connecting India to West Asia/Middle East and the Northern corridor connecting West Asia/Middle East to Europe.

It will include a rail line, which upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes enhancing transhipment of goods and services between South East Asia through India to West Asia/Middle East Europe.

Connectivity with countries of the region remains a key priority for India and is deeply rooted in Indian civilizational history. India has always stood to invest, cooperate and build connectivity as part of "One Earth, One Family, One Future". Currently, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud is in Delhi on a three-day visit. Saudi Arabia Crown Prince Mohammed bin Salman Al Saud and Prime Minister Narendra Modi on Monday held a bilateral meeting in New Delhi. External Affairs Minister S Jaishankar, National Security Advisor Ajit Doval and others were present in the meeting.

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