India aspires to grow at an unprecedented scale in Amrit Kaal: Piyush Goyal

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The Union Minister of Commerce and Industry, Food and Public Distribution and Textiles, Shri Piyush Goyal while interacting with the Minister of Investment, Saudi Arabia, Khalid A. Al-Falih said that in Amrit Kaal, year 2047, India aspires to grow at an unprecedented scale. Shri Goyal highlighted the significance of the G20 Summit 2023 organized in New Delhi and also appreciated the organization of Startup20 under India’s G20 Presidency.

He said that both the countries are the two fastest growing economies in the world today adding on, that in the World Bank ranking in terms of Ease of Doing Business Saudi Arabia was placed at number 62 and India at number 63. However, the ranking have been discontinued since 2020.

Shri Goyal also talked about how the trade between the two countries could be doubled which stands at about $52 billion presently and can be taken up at $200 billion. In this regard, the Union Minister invited the Saudi investors to visit Gujarat International Finance-Tech City and thereafter, bring investment.

He said that the investors would appreciate India’s regulatory mechanism has been simplified. Also, there’s only one regulator for all regulations. Besides, India has brought about tax rebates and made it seamless to move funds in and out of the GIFT city.

Shri Goyal suggested that the Federation of Indian Chambers of Commerce & Industry (FICCI) along with the Government of India and Invest India may open an office of Investment and Trade Promotion in Riyadh, Saudi Arabia. He emphasized that the GoI officials along with representatives from FICCI will encourage startups.

Shri Goyal also talked about the opportunities wherein India may provide food security to Saudi Arabia while energy, oil and fertilisers may be provided to India, stressing on a balanced trade.

The Union Minister also talked about NEOM City and said that Saudi Arabia government is setting it up at a cost of $0.5 trillion dollars and the very concept of having 100% clean energy in the entire city designed in a manner to be very user friendly using leveraging the huge landmass coastline.

“I think that’s an area where India could contribute significantly,” Shri Goyal said highlighting that India may be helpful in areas like designing, construction, manning and developing business around. He quoted a recent study about the returns that investors have got from investment companies. He said that the study of the top five companies listed in the stock exchange shows that Indian companies have given a 20% CAGR return on investment for 20 years. He said that  Indian companies are followed by those from US and China.

The Union Minister thereby, said that its time to accelerate the investment coming from Saudi Arabia. He said that FDI from Saudi Arabia last year was just about $ 4 billion which was $ 2.8 billion during COVID period.

He said that Saudi Arabia’s investments into India’s processing industry can be a great driver of agriculture and food security. Shri Goyal added that similarly, the Pharma sector has immense potential. He said that a greater understanding between the regulatory authorities of Saudi Arabia and India may help Pharma industries. He added that those living in Saudi should have easier access to Indian medicines which will also encourage Indian Pharma companies to invest in Saudi Arabia.