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The seventy fifth anniversary of the institution of bilateral relations between India and Saudi Arabia has seen business ties between the 2 strategic companions rise to new heights. In response to the Normal Authority of Statistics, for the primary three quarters of 2021, India was Saudi Arabia’s second-largest buying and selling companion.

India’s Division of Commerce discovered that for the present monetary 12 months (April-November), commerce between the 2 international locations was $24.9 billion, a rise of 94 p.c over the identical interval final 12 months. It’s particularly heartening to notice that present tendencies recommend that bilateral commerce will surpass pre-pandemic ranges. One other achievement value mentioning is that India is effectively on its technique to attaining its international export goal of $400 billion set by Prime Minister Narendra Modi. Particularly, Indian exports to Saudi Arabia will comfortably exceed the set goal.

Regardless of the pandemic’s inflicting a halt within the bodily motion of high-level enterprise and commerce delegations between the 2 international locations which was anticipated after the institution of the Strategic Partnership Council throughout Modi’s go to to Saudi Arabia in October 2019, the momentum of engagement has been sustained through digital platforms.

The Financial and Funding Pillar of the Council, co-chaired by the Saudi Vitality Minister Prince Abdulaziz bin Salman and the Indian Commerce and Business Minister Piyush Goyal, has already seen conferences on the senior official stage and in addition underneath every of the 4 Joint Working Teams: Business and Infrastructure; Agriculture and Meals Safety; IT and Expertise; and Vitality.

There have additionally been a number of optimistic developments on the funding aspect. Some 745 Indian corporations are registered as joint ventures or 100% owned entities within the Kingdom as of October 2021. These figures stretch throughout sectors and quantity to cumulative invested capital of round $2 billion. Saudi investments in India have seen a giant leap during the last two years, particularly after the go to of Crown Prince Mohammed bin Salman to India in February 2019 which raised Saudi investments in India to $100 billion. Important investments embody the investments of the Public Funding Fund into Reliance Retail Ventures and Reliance Jio.

India stays a top-tier funding vacation spot, and is on its technique to turning into a top-three international financial system with a nominal GDP of $8-9 trillion by 2030.

To additional promote international investments in India, numerous applications, equivalent to Manufacturing Linked Incentive Schemes and the Nationwide Single Window System have been launched. The India Funding Grid, a web-based portal showcasing funding alternatives throughout India, will be accessed at https://indiainvestmentgrid.gov.in.

Each the Embassy of India in Riyadh and the Consulate Normal in Jeddah have continued to prepare a number of B2B occasions via a digital format which bolsters commerce and funding in numerous sectors. Occasions up to now have included cooperation in IT, prescription drugs, fruit and veggies, spices, gems and jewellery, dwelling decor and handicrafts; all have attracted a optimistic response from the Saudi enterprise neighborhood.

A delegation from Saudi Arabia additionally visited the Indusfood Exhibition organized by the Commerce Promotion Council of India within the Nationwide Capital Area earlier this month. The delegation explored alternatives within the meals sector, which is a precedence sector of commerce between the 2 international locations. The Saudi India Enterprise Community, a discussion board of Saudi and Indian entrepreneurs and professionals with chapters in Riyadh, Jeddah and Dammam, has additionally been actively participating in numerous initiatives underneath the aegis of the Embassy. We admire the assist prolonged by the Saudi Authorities and Chambers of Commerce in the direction of making these initiatives profitable.

As we mark the 73rd Republic Day of India on Jan. 26 this 12 months, there’s little doubt that socio-economic partnership between our two international locations will proceed to strengthen, contributing considerably to the 2 nations’ financial progress.

• Asim Anwar is Second Secretary (Financial and Industrial) on the Embassy of India in Riyadh.