India and Saudia Arabia to create investment bridge 

By Krishnan Nayar

New Delhi, 22nd March, 2023 (WAM) – India and Saudi Arabia are jointly working to create an “investment bridge” for accelerating pending bilateral investment projects and facilitating investors.

Deliberations towards this objective took place at a meeting in Riyadh between Dr. Ausaf Sayeed, Secretary in charge of the Gulf in the Indian Ministry of External Affairs and Saudi Arabia’s Deputy Minister for International Partnerships, Mohammad Al Hassnah.

They discussed opportunities for bilateral investment exchanges, according to a readout of the meeting by the Indian Ministry of External Affairs.

Dr. Sayeed met with the Saudi Arabian Vice Minister for Foreign Affairs, Waleed bin Abdul Kareem El Khereiji. “They positively assessed the continued high-level contacts between both countries,” the readout said.

Dr. Sayeed and Dr. Faisal Al Sugair, President and CEO of the Saudi Centre for International Strategic Partnerships, reviewed the progress made under the Committee on Economy and Investment of the SPC. “Both sides agreed to make further progress on priority opportunities identified under the Committee including in areas such as renewable energy, grid connectivity, pharmaceuticals, food security, information technology, fintech and water resources,” the Indian Ministry said.

The Indian official thanked the Saudi Arabian Minister for Hajj and Umrah, Dr. Tawfiq Al Rabiah, during a courtesy call for restoring India’s Haj quota after the reductions during the COVID-19 pandemic.

The quota earmarked for Haj Committee of India for this year under a bilateral Agreement with Saudi Arabia is for 175,025 pilgrims.