Saudi Oil Minister feels India to become 2nd largest economy soon

Ravikant Dwiwedi

Realising potential of rising India, Saudi Arab accepted that India has moved on the path of becoming super power. Saudi Oil Minister Khalid Al-Falih said "India is an economy that is on its way to becoming the second largest economy in the next 2-3 decades." 

Speaking at Saudi- India Forum, Mr. Khalid Al-Falih said the oil-rich Kingdom was excited about reforms and the opening up of the market in the country and is keen to partner in the growth. He said India is its No.1 priority foreign investment destination and its companies are looking at becoming household names in the country with projects in oil refining, petrochemicals and fertilisers.

"Energy, of course, is a major bridge for Saudi Arabia and India but are not just about trade. We are not marketers or sellers. We are investors. We want Saudi companies like Aramco, SABIC, NTT, MASA Co., Nawazinda become household names in India", said Dr Said Al Rabiya, Chairman, NG (NawazindaGroup, Middle East).A member of business delegates came to India with Crown Prince Mohammed bin Salman.

Eng. Mohammad Abdul Nayeem, Partner and GM, MASAH Co informed that the Saudi- India Forum meeting is organised in the side-line of the Saudi Crown Prince Mohammed bin Salman India visit. Indian companies, including Tata Consultancy Services, Wipro and Glenmark, signed 15 agreements to invest in Saudi Arabia. 

Saudi – India forum meet achieved all of its’ objectives.

Eng. Mohammad Shakil, CEO WBG group said that Saudi – India forum meet achieved all objectives. According to him “We built strategically relation and promote more cooperation and investment opportunities, creating new paths for economic cooperation and achieving qualitative leaps for long-term economic partnerships.’’

The Saudi General Investment Authority said in a statement the memorandums of understanding (MoUs) signed range across strategic sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment, and include four new licences worth over $28 million granted to Indian companies.

The Saudi-Indian Joint Business Council met under the chairmanship of the President of the Council of Saudi Chambers Dr. Sami Al-Obaidi. At least 400 Indian Business delegates joined this event.  

It witnessed the signing of two agreements with Softbank Vision Fund to introduce investment opportunities in the Saudi market and with Ion Exchange Company in the sector of water treatment and distribution. The agreements were signed by General Investment Authority (SAGIA) Governor Ibrahim bin Abdulrahman Al-Omar. 

The forum was co-organized by SAGIA, the Saudi Center for International Strategic Partnerships and the Confederation of Indian Industry. It was attended by 400 participants representing the leaders of major economic and investment institutions in Saudi Arabia and India, as well as decision-makers of government institutions.

The forum also witnessed the signing of nine agreements in various sectors, including minerals, exploration, entertainment, pharmaceuticals, communications and informationtechnology.